Retired Artist Loses $2 Million in Coinbase Scam
- Retired artist loses $2 million in fake Coinbase scam.
- Losses include 17.5 BTC and 225 ETH.
- Scams cost Coinbase users $65 million in two months.
Retired artist Ed Suman from Los Angeles lost $2 million when fraudsters impersonating Coinbase customer service scammed him in March 2025.
Details of the Scam
Ed Suman, a 67-year-old retired artist, fell victim to a scam involving individuals posing as Coinbase support staff. “I was overwhelmed by the text messages warning me about unauthorized access to my Coinbase account, and I never expected it to be a scam,” said Suman. They manipulated him through text messages, leading to a significant financial loss in cryptocurrency assets.
The scam involved a person named “Brett Miller,” posing as a Coinbase security officer. This incident highlights a consistent trend of social engineering scams targeting Coinbase users, costing millions.
Immediate effects include financial devastation for Suman, who lost significant retirement savings. This incident is part of a broader trend of scams impacting the cryptocurrency industry, raising concerns about user security.
Broader Implications and Expert Insights
The financial and social implications are extensive, reflecting trust issues within cryptocurrency exchanges. The significant loss in Suman’s case is emblematic of broader concerns about fraud monitoring in the sector.
Experts like ZachXBT highlight Coinbase’s inability to mitigate these issues promptly. “Coinbase users lost over $65 million to similar scams between December 2024 and January 2025, highlighting a troubling trend in social engineering attacks targeting cryptocurrency holders,” said ZachXBT. The lack of effective scammer panel blockage presents a significant challenge for investor trust and market security.
