In a bizarre incident, Christian 'Daytwo' Neves managed to scam a string of victims out of $4 million, pretending to be a Coinbase support employee. He then lost most of this money to feed his gambling addiction.
Cryptocurrency researcher ZachXBT pointed to the lack of professionalism in this operation, which left behind compelling evidence. Nevertheless, Neves objectively succeeded in deceiving his targets.
What are the scams involving Coinbase impersonation?
ZachXBT, one of the leading researchers in this field, has been tracking this complex scam for several months. In a recent discussion on social media, he detailed the methods used in the Coinbase impersonation scheme. The scammer 'Daytwo' managed to steal $240,000 from a targeted individual in 2024, allowing ZachXBT to map it all out.
In recent months, a wave of scams has targeted Coinbase customers. ZachXBT himself revealed that $6.5 million was stolen by thieves impersonating Coinbase's technical support last November.
By February, the theft was estimated at $150 million in similar impersonation scams. The platform suffered a major data breach last month, which could facilitate further crimes. Compared to many of its usual targets, ZachXBT showed blatant and surprising disdain for Daytwo.
He was able to identify the real name of the Coinbase scammer (Christian Neves) and even obtained a picture of his driver's license. However, Neves's continued provocation during the investigation did not enhance this impression.
Moreover, Neves managed to lose almost all of his illicit gains from gambling, expensive watches, bottle service, and so on. Additionally, his gambling habit has become a serious problem, causing him to avoid paying his partners because he lost his share of casino thefts.
Overall, there was a sense of astonishment at the success of such an amateur operation. ZachXBT even found recordings of Neves discussing the money laundering he was doing on camera. There is compelling evidence that Neves carried out these scams on Coinbase:
It is rare to see a scammer in the social engineering field with such blatant disregard, as he hides his identity while flaunting stolen money on all social media platforms. It is a relatively easy case for law enforcement. Unfortunately, any compensation for victims is likely to be minimal, as most of the money has been lost after the thefts, according to ZachXBT.
Impersonation scams of Coinbase are on the rise, and Neves did not employ sufficient technical skills to deceive his targets. Leaked user data is readily available, and he used social engineering to trick users into transferring their money to hacked wallets.
It seems that Neves succeeded in scamming at least 30 Coinbase users in this way, primarily through cunning. All of this means we are currently experiencing a cycle of cryptocurrency crimes. Cryptocurrency users need to be cautious, as such crimes can yield millions of dollars.
Sophisticated hacks are extremely dangerous, but clumsy social engineering scams can empty your wallet just as easily.