We want to warn you about a sophisticated phishing scam targeting cryptocurrency users. The fraud involves deceptive communication that convinces victims to transfer cryptocurrency to a wallet under the guise of securing their funds. In this case, the victim was contacted multiple times by someone claiming an issue with their Coinable account. The scammers instructed them to move their cryptocurrency to a Coinbase wallet and, crucially, to send the wallet’s private key via an automated text message. Once this key was provided, the funds were swiftly drained. This fraudulent activity led to the loss of significant funds, specifically $135,000, with the transactions involving Ethereum (ETH) and Solana (SOL). The stolen cryptocurrency was later tracked to a cashout point at the exchange Exch.cx.

What makes this scam particularly insidious is its reliance on psychological manipulation and trust exploitation. The scammers created a false sense of urgency, leveraging fear and confusion to push the victim into acting without proper caution. By combining direct calls with automated text messages, they masked their true intentions while guiding the victim through each step of their scheme. This method of operation underscores the importance of never sharing private keys or sensitive account details, regardless of the request’s source.

This incident highlights the need to be vigilant when handling cryptocurrency transactions. Remember that no legitimate company or service will ever ask for your private key or similar access credentials. Requests for such information should immediately raise red flags. Additionally, verifying the authenticity of any communication you receive about your accounts is crucial. If you are uncertain about the legitimacy of a request, reach out to the service provider directly through official contact channels rather than responding to unsolicited calls or messages.

In this case, the scammers demonstrated high sophistication, even orchestrating the cashout process to obscure their tracks. While the incident is under investigation, we believe this bears all the hallmarks of a classic phishing scam. Using exchanges like Exch.cx for cashouts further complicates the recovery process and emphasizes the importance of early detection and prevention.

The details of this complaint indicate that this was indeed a scam. The orchestrated nature of the calls, the request for sensitive information, and the subsequent theft of funds all point to a calculated attempt to defraud the victim. If you have experienced something similar or suspect you may be targeted by such a scam, quickly secure your accounts and report the activity to the appropriate authorities. Together, we can help bring these fraudulent schemes to light and protect others from falling victim to them.