Retired Artist Loses $2 Million in Sophisticated Crypto Scam
A shocking incident has sent ripples through the crypto community
Ed Suman, a retired artist, lost his entire crypto savings-worth over $2 million-after falling victim to a highly sophisticated scam.
šØ Who is Ed Suman?
Ed Suman, 67, is a respected retired artist known for his work on high-profile art installations. After retiring, he invested his savings in cryptocurrency, storing 17.5 #BTC and 225 #ETH on a Trezor hardware wallet-a method widely considered one of the safest in the industry.
šµļøāāļø How Did the Scam Happen?
ā¢ Phishing Attack: Suman received a text message that appeared to be from Coinbase, warning of suspicious account activity.
ā¢ Fake Support Call: Shortly after, a scammer posing as a Coinbase support agent called, referencing specific details about Sumanās holdings and convincing him that his hardware wallet was at risk.
ā¢ Seed Phrase Theft: The fraudster directed Suman to a fake Coinbase website, where he was asked to enter his walletās seed phrase for āsecurity verification.ā
ā¢ Funds Drained: Within days, Sumanās entire portfolio was emptied.
What Makes This Case Unique?
Even though Suman used a hardware wallet-a best practice for crypto security-the scam exploited human psychology, not technology.
The attackers used personal information (possibly from a recent data breach at Coinbase) to appear credible and trustworthy.
Key Lessons for the Community
ā¢ Never Share Your Seed Phrase: No legitimate exchange or support team will ever ask for your seed phrase.
ā¢ Verify Before You Act:
Always confirm the identity of anyone contacting you about your crypto assets, using official channels only.
ā¢ Stay Informed:
Scammers are using increasingly advanced tactics, including leveraging real data breaches and personal details.
š¬ Final Thoughts
This incident is a sobering reminder:
Stay vigilant, educate yourself and your community, and never let your guard down.