Coinbase Exchange fought global spoofing attacks, did it win?

The digital currency market worth around $3.43 trillion is a major attraction for investors and traders. However, the sector has attracted the interest of actors engaged in a variety of crypto frauds, including spoofing schemes for users to lose funds and manipulate the market.

Coinbase supports dismantling global fraud networks

In a recent post, Coinbase Chief Justice Officer Paul Growal highlighted how the exchange has worked with authorities to fight spoofing.

In particular, in 2024, the global sporting scheme led by Chirag Tomar was dismantled primarily for support from Coinbase. Prior to this, Tomar had been stolen more than $20 million in cryptocurrency from users by pretending to be a reliable Exchange Coinbase.

Impersonating Coinbase, Tomar sent out fake support emails, phishing links to fake websites, and communications mimicking the official Coinbase. These tactics were used to hand over the sensitive information used to trust the fraud and compromise the accounts.

Grewal claims it is one of the “most impactful cases” Coinbases supported in 2024 by the aid authorities to defeat Tomar.

This demonstrates exchange commitment to protecting users from fraudsters and protecting funds. It also highlights the willingness of exchanges to work with law enforcement officials to reduce the incidence of crypto fraud.

Are you spoofing new threats from Crypto?

Spoofing appears to be the next big trend among malicious actors in the crypto field. As reported by U.Today recently, Binance CEO Richard Teng warned members of the community to stay safe as they are destroying the Crypto Ecosystem.

Teng emphasized that scammers can use SMS to trick users into releasing sensitive information. This could lead to loss of funds.

Interestingly, in 2024, a report by Chainalysis estimated $51.3 billion in losses from various criminal acts related to cryptocurrency. This amount includes stolen funds from known hacks and illegal transfers from addresses.

Therefore, community members praise Coinbase’s move to support law enforcement agents and minimise the occurrence of spoofing schemes.