Cryptocurrencies

Cryptocurrency Exchange Coinbase Is the Most Spoofed Brand Ever

Cryptocurrency exchange Coinbase is the brand most impersonated by scammers and bad actors in the Web3 space, according to a recent survey.

Of all the cryptocurrency companies in the United States, the Coinbase brand was the most frequently impersonated in phishing attacks. Phishing attacks are online social schemes that aim to trick investors into voluntarily sending digital assets to an impostor’s cryptocurrency wallet.

The Coinbase brand has been misused via 416 reported phishing attacks over the past four years, according to a Mailsuite report shared with Cointelegraph.

The report, which analyzed more than 1.14 million scams, claims that more than 249,000 of those incidents involved an attacker impersonating a company or organization.

American brands that scammers usurp the most. Source: Mel Sweet

Coinbase is the second largest centralized cryptocurrency exchange (CEX) in the world, with over $1.8 billion in daily cryptocurrency trading volume, according to CoinMarketCap.

Coinbase has a high trust score of 10/10 and receives over 40.9 million monthly visits, according to CoinGecko data.

Cryptocurrency exchange based on trust level. Source: CoinGekko

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Meta remains the “non-crypto” brand most frequently usurped by scammers

While Coinbase ranks first among cryptocurrency companies, other traditional brands in the financial and technology industry have been usurped by scammers on a larger scale.

According to the report, Bank of America was spoofed in 645 phishing attempts, while MasterCard was the target of 1,262 such attempts.

American brands that scammers usurp the most. Source: Mel Sweet

Meta, Facebook’s parent company, was the brand most frequently impersonated by fraudsters, with at least 10,457 fraud incidents reported over the past four years.

The United States Internal Revenue Service comes second on the list, having been impersonated in at least 9,762 scams.

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Cryptocurrency scams steal $19 billion in 13 years

Cryptocurrency scams and exploitation remain a growing concern, although there are signs that the cryptocurrency sector is maturing.

According to a Crystal Intelligence report shared with Cointelegraph, nearly $19 billion worth of cryptocurrencies have been stolen over the past 13 years via 785 reported hacks and exploits.

The largest case of cryptocurrency theft remains the Plus Token scam of 2019, when attackers stole $2.9 billion worth of Bitcoin (BTC) and Ethereum (ETH).

$3 Billion Stolen in Hacks – Why is Cryptocurrency Crime on the Rise? source: Cointelegraph

Hacking and mining of cryptocurrencies remains one of the biggest obstacles to widespread trust and adoption. Cryptocurrency hacks in 2024 will likely exceed those in 2023, as the first quarter of 2024 saw $542.7 million in funds stolen, a 42% increase from the same period in 2023.

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