How a Fake Support Scam Cost Coinbase Users $2 Million
This article was first published on The Bit Journal: How did the Canadian Coinbase support scammer use social engineering tricks to steal over $2 million in crypto? Read on to learn more.
Crypto sleuth ZachXBT has uncovered a Canadian Coinbase support scammer who used social engineering tricks to steal over $2 million in crypto. The Canadian impersonator posed as a Coinbase help desk agent to steal from the exchange’s users.
According to a post on social media platform X by ZachXBT, the crypto investigator cross-referenced social media activity, Telegram group screenshots, and on-chain wallet transactions associated with the incident to positively identify the criminal. The case highlights a significant increase in attacks targeting human behavior within the emerging Web3 ecosystem. Commenting about the $2 million crypto scam tied to the Canadian Coinbase support scammer, the investigator identified the culprit as an individual named Haby (Havard) and stated:
The fraud involved extracting private data, with stolen funds spent on social media, gambling, and cover-up efforts.
Canadian Impersonator used Social Engineering Tricks
More evidence surrounding the activities of the Canadian impersonator pointed towards a leaked video that showed the criminal holding a conversation with an alleged victim over the phone, where he offered false customer support. The video also contains additional incriminating evidence against the Canadian Coinbase support scammer, including their personal email address and a number associated with their Telegram account. There has been a marked increase in these kinds of tricks, which ride on victims’ trust in customer service channels. The post added:
The incident highlights urgent need for user education and advanced custodial solutions against evolving crypto threats.
Traditional Cold Storage No Longer Sufficient
According to the Security Advisor at SQHWYD GLOBAL Ltd, Gideon Cohen, actors like the Canadian impersonator have increased their attacks on crypto-related activities. According to the expert, the number of social engineering attacks targeting digital assets increased in 2025. Crypto security advisory firm Halborn, also founded by Cohen, opines that traditional cold storage methods may no longer be sufficient for high-frequency trading environments. The firm stated that over 60% of major crypto exchange hacks involved compromised static private keys stored using traditional methods.
Investigations by ZachXBT traced the alleged Canadian Coinbase support scammer back to late 2024, with screenshots from December 2024 showing the theft of 21,000 XRP from a Coinbase user valued at approximately $44,000. Further analysis showed how the Canadian impersonator stole another $560,000 from a Bitcoin address.
Conclusion
The activities of the Canadian Coinbase support scammer highlight crypto users’ failures in 2025 and the importance of users taking proactive measures to protect their assets. According to ZachXBT, crypto users need to make personal efforts to remain vigilant in safeguarding their private data, guard their passwords, and store their own hardware wallets rather than leaving their assets on exchanges.
Glossary to Key Terms
Crypto scams: A fraudulent scheme using digital currency (like Bitcoin) to deceive people into sending money, often impersonating famous brands/people.
Social engineering scams: The use of psychological manipulation to trick people into giving away sensitive info (passwords, bank details).
Impersonator: A person who pretends to be someone else for entertainment or fraud.
Frequently Asked Questions about Crypto Social Engineering Scams
What are the most common types of crypto social engineering scams?
Scammers adapt traditional fraud tactics to the crypto world. Common types include Phishing, impersonation, investment, pig butchering, and tech support scams.
What are the key red flags to watch out for?
Vigilance and a healthy dose of skepticism are your best defenses. Some warning signs to watch for include promises of guaranteed high returns/zero risk, urgency, pressure tactics, requests for private keys or seed phrases, and unsolicited contact/offers.
Can I recover my funds if I’m scammed?
Crypto transactions are irreversible by nature, making recovery very difficult. Once funds are sent, they are often gone for good.
References
X/ZachXBT
Business Insider
Read More: How a Fake Support Scam Cost Coinbase Users $2 Million">How a Fake Support Scam Cost Coinbase Users $2 Million
You May Also Like
Metaplanet Buys 4,279 BTC, Bringing Total Holdings to 35,102 BTC
Political Pressure Builds as Korea Delays Crypto Rules
