Coinbase Leads as the Most Frequently Impersonated Brand in Crypto Phishing Scams
Summary:
Coinbase, a cryptocurrency exchange, has been identified as the most frequently duplicated brand in phishing schemes among Web3 platforms. A report by Mailsuite shows that out of 1.14 million scams, the Coinbase brand was unlawfully used in 416 reported phishing attacks over the past four years. Despite the growing maturity of the crypto industry, scams and security breaches remain a key concern. Over $19 billion in cryptocurrency has been stolen over the past 13 years. The increasing number of crypto cyberattacks could challenge mainstream trust and adoption of cryptocurrency.
The latest survey reveals that among Web3 platforms, Coinbase, a cryptocurrency exchange, is the most frequently faked brand by fraudsters and malevolent entities. The biggest share of fraudulent duplicates within American cryptocurrency enterprises is borne by Coinbase, predominantly in phishing operations. These schemes, conducted on the internet, aim to deceive investors into voluntarily transferring their digital resources into the wallets of the fraudsters. From a report shared with Cointelegraph by Mailsuite, it's clear that over the last four years, the Coinbase brand was unlawfully utilized in up to 416 documented phishing instances. The review incorporated scrutiny of upwards of 1.14 million frauds, with over 249,000 incidents involving an entity imitating a company or institution. With a daily transaction volume exceeding $1.8 billion in cryptocurrency, Coinbase stands as the second-biggest centralized cryptocurrency exchange (CEX) in the world, as cited by CoinMarketCap. Coinbase boasts a maximum trust score of 10/10, garnering more than 40.9 million visits per month, as per CoinGecko data. Despite securing top spot among crypto companies, Coinbase is surpassed by certain regular financial and tech establishments in terms of impersonations by fraudsters. According to the report, Bank of America was replicated in 645 phishing attempts, whilst Mastercard took the brunt of 1,262 such endeavours. Facebook’s umbrella corporation, Meta, topped the chart of brand recurrences in documented scams spanning the past four years, amassing more than 10,457 instances. Shortly behind was The Internal Revenue Service (IRS), appearing in no less than 9,762 scams. Despite signs pointing towards the advancement of the crypto sector, crypto frauds and security breaches continue to raise concerns. Over the previous 13 years, nearly $19 billion of crypto resources have been stolen across 785 reported breaches, according to data shared by Crystal Intelligence with Cointelegraph. The most significant standalone instance of crypto theft occurred in 2019 when $2.9 billion in Bitcoin (BTC) and Ether (ETH) were intercepted in the Plus Token scam. Crypto cyber attacks and security breaches are among the significant obstacles preventing universal trust and adoption. 2024 could surpass 2023 in terms of crypto hacks, seeing that the first quarter of 2024 observed theft of funds amounting to $542.7 million, marking a 42% escalation compared to the same tenure in 2023.
Published At
6/24/2024 3:24:56 PM
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