Scam victims says they notified the company, begging it to fix defects in its Coinbase Wallet software that had allowed the victims unknowingly to grant the scammers access to their accounts.
are trying to hold Coinbase accountable, saying the company didn’t do enough to protect them. “They’re trying to be a financial institution without the infrastructure to back it up,” said Eric Rosen, a lawyer at Roche Freedman representing some 96 victims in the arbitration demand, which is akin to a lawsuit, filed against Coinbase.“Of course, scammers quickly picked up on this, and directed victims to download the Coinbase Wallet.
Unlike other scams in which someone is fooled into sending money somewhere, in this scheme, the individuals’ just had to buy a “mining certificate,” clicking through a prompt in Coinbase Wallet that said “confirm payment.”The certificate wasn’t real, and the process wasn’t really a payment. Clicking on these innocuous-looking vouchers would record a single line of computer code granting the scammers permission to steal crypto deposited into an account weeks or months later. Coinbase “had no procedures in place to stop these frauds,” Rosen said. “They didn’t even appear to try.
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