There are many different types of scams that plague the cryptocurrency world, and unfortunately, every day, people fall victim to them, which is why it's wise to keep up to date with the newest scams going around.
One Coinbase customer is feeling the burn from a recent notification scam that has caused the user to lose more than $12 million in Bitcoin. According to Business Insider, the Coinbase customer that goes by the initials G.R. purchased 200 Bitcoin in April worth $12,380,000 at the time of writing this article. Following the purchase, G.R. received a notification telling him that his account had been located and that he needed to call the provided number to initiate the unlocking process.
G.R. proceeded to call the number and was linked to an individual who impersonated Coinbase's customer support. The scammer guided G.R. to change settings in his Coinbase account that allowed for remote access to the account. Assistant U.S. Attorney Dan G. Boyle said, "Once granted access to the Victim Account, UI-1 increased the daily transaction limit and also attempted to deactivate certain notifications and alert settings on the Victim Account."
The report states that millions of dollars worth of Bitcoin and Stellar (XLM) were transferred out of G.R.'s wallets through a series of new accounts once the account changes were made. For more information on this story, check out this link here.