A Coinbase user was likely social engineered and scammed for 110 cbBTC ($11.5M) on Base last month by a threat actor. 

The stolen funds were immediately swapped, bridged, and laundered through multiple instant exchanges and funds consolidated with other Coinbase victims on Ethereum.

Theft transaction hash
0x8639f4b4420d47d68f27dc27967ff62ec913106e5b9ce99011de99b8d91813cd
0xb5895314777776da645529df83cd0d0883ed456e2c81e27c97eb5cf45a59c36b
0xfa26f3917519444c7d3d9ca05fc70b289d44958cb55801b9221d7b492f41c76d

Coinbase social engineering scams have resulted in $150M+ / yr stolen from users due to data breaches, email/call spoofing, bad detection, etc

Wondering how he was socially engineered...Have an article about this?

Seems like Coinbase may need to put more protective measures in place.  I propose 4FA!   

Require:

Authenticator App/Yubikey
Email
SMS
Password

On EVERY transaction to unknown wallets.

A creative soul with an inquisitive mind. Music/Art/Organic Gardening/Gaming. Web 3 explorer. Always seeking knowledge.  Build something beautiful!

Sms is no safe authentication, would never use it for important services.

Developer, game designer and more ✨️ I make bot's and tools.

Multidisciplinary 

Here to learn and have fun 🌸

SMS may not be the most secure but its better protection than nothing.  Also, I was proposing all these things in combination, hence "4FA"