A hacker, Elliot Gunton, has been sentenced to 43 months in prison for draining over $900,000 from Coinbase users. The 20-year-old UK resident and his accomplices created fake websites that mimicked the cryptocurrency exchange to steal user credentials.
Active between 2018 and 2019, the phishing scheme infiltrated over 500 accounts, with one victim losing $16,000. Gunton pleaded guilty to conspiracy to commit fraud and money laundering.
Coinbase is the most impersonated crypto platform, with 416 reported phishing attacks in four years. Recently, scammers stole $1.7 million from a victim’s self-custody wallet by pretending to be Coinbase employees.
Phishing remains a leading cause of crypto thefts, highlighting the urgent need for enhanced security measures.
