Scammer earns $35K targeting crypto CEOs and engineers

A phishing scammer impersonating Coinbase support has revealed earning a five-figure weekly income by targeting high-profile individuals, including CEOs, CFOs, and software engineers.

Nick Neuman, CEO of Bitcoin (CRYPTO:BTC) self-custody firm Casa, shared his encounter with the scammer during a phishing attempt.

"We make a minimum of five figures a week; we hit $35K two days ago," the scammer disclosed to Neuman.

They claimed their targets are selected from databases of individuals with at least $50,000 in assets, allegedly including data from Bitcoin financial services firm Unchained Capital.

“We don’t call poor people,” the scammer added.

The phishing scheme begins with fake notifications, such as canceled password change requests, accompanied by malicious links designed to compromise user accounts.

The ultimate goal is to manipulate victims into transferring funds to wallets controlled by the scammers.

“The end goal isn’t to get the victim’s password but to eventually have them send funds,” the scammer explained.

The scammers use sophisticated techniques, including spoofing emails to appear as Coinbase communications.

They also employ tools like Tornado Cash to launder stolen funds and convert them into privacy coins such as Monero.

“After you hold it in XMR for a couple of days, that’s gone—you’re not seeing the funds again,” the scammer noted.

Their ambition is to achieve $100,000 monthly, describing crypto as the “Wild Wild West.”

“If you lose $30-$40,000 in BTC or ETH, who are you going to call? The crypto police?” the scammer remarked.

Phishing scams in the crypto space remain a severe issue.

Web3 security firm Scam Sniffer reported over $127 million stolen in Q3 2024 alone, underscoring the sophisticated tactics used by cybercriminals and the ongoing risks faced by cryptocurrency users.