On July 8th, at least three Coinbase users and one cryptocurrency user were targeted by scammers posing as Coinbase in the past week, and one of the victims was defrauded of $1.70 million. The scammers directed the victims to a website and asked them to enter a mnemonic phrase to stop the transaction. The victim knew it was not safe, but still entered part of the phrase, but did not submit it. A few hours later, the victim's wallet was stolen with $1.70 million in crypto assets.