• Coinbase (NASDAQ) users have fallen prey to a scam by receiving fake notifications.
• Over $11.6million was lost by the victim in just 10 minutes.
• US federal Judge orders $600,000.00 in BTC to be taken from the Huobi Global wallet.

Attackers’ ill-gotten activities seem to still bedevil the crypto market in these early days. A report by the US Attorney Office states that a Coinbase user, unidentified, has suffered a loss of $11.6 million under a scam.

In the incident report it appears that Coinbase sent the notification after 200 users bought bitcoins. But, in the end, Coinbase did not send the notification. After the incident, the notification apparently alerts users that their accounts have been locked-up.

Injunctions were approved by a federal judge to seize more than $600,000 worth of BTC from Huobi Global wallets. The federal investigators claimed that the Coinbase user had lost $600K worth of Bitcoin. Also, the investigators asserted this due to how the hackers’ transaction ended up in an account associated with Huobi Global Exchange.

According to the Federal complaint, only G.R was identified as the Coinbase user. He called the number listed on the notification in the hope that it would be connected with a Coinbase representative.

An “unidentified individual 1,” or “UI-1,” answered the call and asked G.R. The account was modified in a number of ways by the “unidentified individual 1,” or “UI-1”. Once granted Victim Account Access, UI-1 raised the daily transaction limit. He also tried to disable certain alerts and notifications on the Victim Account.

It’s not difficult to see how hacker gathered information about Coinbase transactions at the time. At the moment, we can’t tell whether the online notice mentioned in the order showed up on the phone or computer.

Continue reading on CoinQuora