Coinbase is the crypto brand most imitated by scammers: report it
Coinbase cryptocurrency exchange is the most imitated brand in the Web3 space by fraudsters and malicious actors, according to a recent study.
Among all US crypto companies, the Coinbase brand was the most imitated in phishing attacks. Phishing attacks are online social schemes aimed at deceiving investors.
According to a Mailsuite report shared with Cointelegraph, the Coinbase brand has been used fraudulently in 416 reported phishing attacks over the past four years.
The report, which analyzed more than 1.14 million scams, found that more than 249,000 of these incidents involved the attacker impersonating a company or organization.
Coinbase is the world's second largest centralized cryptocurrency exchange (CEX) with a daily crypto trading volume of over $1.8 billion according to CoinMarketCap.
Coinbase has a high trust score of 10/10 and receives more than 40.9 million monthly visits, according to data from CoinGecko.
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Meta remains the most popular “non-crypto” brand for fraudsters
While Coinbase ranks high among crypto companies, other traditional financial and technology products have been heavily impersonated by fraudsters.
According to the report, Bank of America was targeted in 645 phishing attempts, while MasterCard was targeted in 1,262 such attempts.
Facebook's parent company Meta is the brand most targeted by fraudsters, with at least 10,457 frauds reported in the past four years.
The US Internal Revenue Service is second on the list, with at least 9,762 frauds.
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Crypto scams have stolen $19 billion in 13 years
Despite signs of a maturing crypto industry, crypto scams and exploits remain a concern.
About $19 billion in so-called cryptocurrencies have been stolen in 785 hacks and exploits over the past 13 years, according to a Crystal Intelligence report shared with Cointelegraph.
The largest single crypto theft case was the 2019 Plus Token scam, when attackers made off with $2.9 billion worth of Bitcoin (BTC) and Ether (ETH).
Crypto hacks and exploits remain one of the biggest obstacles to mainstream trust and adoption. In the year Crypto hacks in 2024 are likely to peak in 2023, as the first quarter of 2024 saw $542.7 million in stolen funds, a 42% increase compared to the same period in 2023.
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