Several Coinbase users, including a victim who lost $1.7 million, have fallen prey to sophisticated scams where imposters posing as Coinbase representatives tricked them into revealing sensitive information.

The scammers used phone calls and emails that appeared legitimate, convincing victims to divulge parts of their seed phrases under false pretenses of security checks.

Once accessed, the scammers initiated transactions that drained the victims' wallets.

This recent wave of attacks underscores growing concerns over crypto security, with similar incidents reported involving phishing attempts and account takeover efforts.

Coinbase has been urged to enhance user awareness and security measures amid these alarming trends.