Cryptocurrency Scams: Coinbase Tops List of Most Impersonated Brands

A recent survey revealed that Coinbase, a popular cryptocurrency exchange, is the most impersonated brand by scammers in the Web3 space. The survey found that among all United States crypto firms, Coinbase was the most targeted in phishing attacks, with 416 reported incidents in the past four years. Phishing attacks involve tricking investors into sending digital assets to the scammer's wallet. Despite Coinbase's high trust score and large trading volume, it remains a prime target for scammers. Other well-known brands like Bank of America and Mastercard have also been impersonated in phishing attempts. The prevalence of crypto scams and exploits continues to be a concern, with billions of dollars stolen over the years. As the crypto industry matures, addressing security vulnerabilities and increasing awareness are crucial to building trust and promoting adoption.