A person’s social media posts about luxury buys became the reason to discover a million-dollar scam targeting crypto users.
The scammer, said to be a Canadian, posed as a customer support person of Coinbase and got private data from unsuspecting users of the exchange. Using the information, he stole roughly $2 million from them over the past year. These were the findings of blockchain investigator ZachXBT that he recently posted on X.
The investigation pulled together evidence from several places. Telegram screenshots, social media posts, and crypto wallet transactions. ZachXBT’s research indicated that the scammer stole millions and then used it on premium social media handles, nightclub tables, and gambling.
According to ZachXBT, the person used basic social engineering tricks to dupe Coinbase customers. ZachXBT shared a leaked recording of the suspect on the phone with a victim, pretending to be support staff. Such scams work with fraudsters posing as officials from companies to get personal information or push through their transactions.
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The suspect attempted to conceal his fraudulent activities by purchasing expensive Telegram usernames and regularly deleting accounts, but he made some mistakes. His constant social media posts showcasing an expensive lifestyle provided investigators with ample evidence to work with. ZachXBT noted the person showed “little regard for operational security” while posting selfies and stories flaunting how they spent the money. ZachXBT didn’t give any further details about how he uncovered the scam.
According to industry experts, crypto users can avoid getting scammed by taking a few practical steps. Security experts stress keeping tight control over personal information, using unique passwords for different platforms, and storing large crypto holdings in hardware wallets instead of leaving them on exchanges.
Users should be suspicious of any unexpected contact. They should not click links from random messages or talk to cold callers who claim they are from customer support.
Real customer support representatives will never ask for seed phrases, passwords, or login credentials or tell customers to transfer funds to personal wallets. They also won’t move conversations to messaging apps like Telegram. Spotting these warning signs can be the difference between keeping your money safe and losing it to the sophisticated scams that keep hitting the crypto world.
