A Coinbase customer has unfortunately been a victim of a notification fraud that has caused him to lose more than $12,000,000 in Bitcoin

There are numerous types of scams that afflict the world of cryptocurrency. often people are victims to them. That’s why it’s important to stay up-to-date with the latest scams that are going around.

A Coinbase customer is suffering the effects of the recent scam of notification which has led the customer to lose over twelve million dollars of Bitcoin. Based on Business Insider, the Coinbase customer with his initials G.R. bought 200 Bitcoin in April for $12,380,000 at the date of this article’s writing. After the purchase, G.R. received a message telling the customer that his account was located and he had to contact the number provided to unlock the account.

G.R. then called the number and was connected to an impersonator of Coinbase’s customer service. The scammer aided G.R. to alter the settings on his Coinbase account, which allowed remotely accessing the account. Associate U.S. Attorney Dan G. Boyle stated, “Once granted access to the Victim Account, UI-1 increased the daily transaction limit and also attempted to deactivate certain notifications and alert settings on the Victim Account.”

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The report says there were millions of dollars of Bitcoin and Stellar (XLM) were removed from G.R. ‘s wallets via a number of new accounts following the account modifications were completed.