Impersonation Scandal Hits Coinbase | User Left High and Dry After Scam
Edited By
Laura Chen
A distressing account has emerged of a Coinbase user who claims to have fallen victim to a sophisticated scam involving impersonators posing as security personnel. The user, Steve Seibers, detailed his harrowing experience on social media, sharing the alarming details of how he lost a significant amount of cryptocurrency in the process.
On March 20, 2025, Seibers received a phone call purportedly from Coinbase Security, warning him that his account was being hacked from Ontario, Canada. Alarmingly, the fraudsters had personal information about him, including his name, phone number, and even his address. The intensity of the encounter escalated when a second impersonator, asserting to be a supervisor, convinced Seibers to transfer his assets to "protect" them.
Trust is a rare commodity in the crypto world. Seibers stated, "They knew too much about me to be a random scam call." This incident raises important questions about personal data security within the cryptocurrency sphere. With distrust in the system brewing, many users are left wondering how such breaches can occur.
The Fallout of the Scam
Seibers lost $32 in cash and catastrophic amounts in cryptocurrency, comprising 11,340 XRP, 14,000 HBAR, 7,000 XLM, and several other tokens. Despite reaching out to Coinbase's customer support immediately, he described the experience as "frustrating" and felt that their automated responses failed him at a critical moment. "I just wanted to talk to a human," he expressed in his post.
Many users in the community echoed sentiments of distrust towards Coinbase’s support systems. A growing chorus of complaints underscores just how widespread issues with the platform may be, with some suggesting that customers may be vulnerable due to the sheer volume of information accessible on the dark web.
"Many users have complained about deficiencies in Coinbase’s customer support, especially in crisis situations," one user noted.
Community Backlash and Concerns
The sentiments shared online paint a grim picture. As users like Seibers vocalize their grievances, there is a palpable mix of skepticism toward the security measures in place. Some users gravely warned against sharing personal information in public forums, while others emphasized the importance of taking preventive action.
Recurring Themes:
Lack of human support: "I didn’t speak to anyone all night."
Vulnerability to scams: "It’s terrifying how much information the scammers had."
Community distrust of Coinbase: "Many have reported issues with support."
What’s Next for Users?
The situation brings to light the harsh reality of cryptocurrency trading, wherein scams appear ever more prevalent. Many are left asking if enough is being done to safeguard their assets and personal information. Meanwhile, Seibers has closed his Coinbase account, spurred by a feeling that he was targeted due to his holdings. He emphasizes the need for better support, especially for those who served in the military. "I’m a disabled veteran, and I feel like I have no support," he lamented.
Essential Points to Consider
❗️ Immediate Response Delay: Lack of human intervention during crises is a recurring theme.
💔 User Trust Eroded: Distrust in Coinbase’s system is growing; many feel left to fend for themselves.
🚨 Security at Stake: Users are increasingly aware of the dangers amid rising scams in the crypto market.
In a time where trust is pivotal, the implications of Seibers’ story reach far beyond his individual misfortune, stirring community concerns over vulnerabilities in the crypto world. Users looking to safeguard their assets must remain vigilant, especially in an arena noted for its scams.
For assistance on safeguarding your crypto assets, resources such as Coinbase Support and local security agencies may offer guidance.