In May, 2025, Coinbase (NASDAQ:COIN) announced that it faced a security breach unlike any other. It wasn’t a hack. No one had their account details stolen. But the operation led to Coinbase account owners personal details being handed over to cybercriminals who then phoned these people, telling them that the Coinbase “hack” required they move money off chain and into their Coinbase wallet. Somehow, these thieves managed to clone these wallets and those who fell for this trick had their wallets emptied out within days.  

A few months later, a California-based artist named Ed Suman was the subject of an unfortunate Bloomberg article saying he lost over $2 million to the fake Coinbase…

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