Since the beginning of the crypto boom, the industry had been plagued with phishing scams. The esoteric industry is prone to these scams as they as most people new to the cryptosphere do not know what to expect from this ecosystem. There is new Email phishing scam and this time Coinbase has been the target.
In what is supposed to be one of the most sophisticated phishing attempts to date, the new Email scam is attempting to capitalize on Coinbase’s recent announcement of ERC20 token support.
Coinbase had announced their intentions to support the Ethereum ERC20 technical standards on March 27th, 2018. It is meant to pave the way for supporting ERC20 assets across Coinbase products in the future. The support for the new technical paradigm was supposed to be rolled out gradually in the coming months, depending on the regulation around the tokens.
The phishing Email attempts to induce the less technically adept or the starters of crypto-investor and traders with a fake announcement that said Coinbase has already started the ERC20 support. The scam targeted Coinbase users with a complex and convincing phishing operation that is likely to succeed in duping many readers.
Coinbase WILL NEVER ask you to send us your private keys. Please beware of digital currency phishing scams and always double check URLs to ensure you are interacting with the official Coinbase website. pic.twitter.com/QRBfbfoqrg
— Coinbase Support (@CoinbaseSupport) April 14, 2018
The phishing Email was entitled “ERC20 token support has been added!” To reinforce the credibility of the Email, the scammers even included a direct link to the blog. However, following the link would take the reader to a well-constructed phishing website what attempts to import private keys, which will definitely result in the loss of tokens in the wallet.
There are a number of scammers trying to steal cryptocurrencies across twitter, email or any other social media accounts. You should always double or even triple check that you are using the correct domain before managing your money.
We've seen an increase in the number of fraudulent Twitter accounts claiming to be an official Coinbase account.
— Coinbase (@coinbase) February 20, 2018
The people behind the attack are still not known but we can be sure that it is not a result of leaks from Coinbase’s database since many of the receivers of the Emails did not possess a Coinbase account. There hasn't’ been any official statements from Coinbase regarding the scam.