Crypto users beware! Scammers impersonating Coinbase representatives have reportedly swindled at least one user out of $1.7 million. The victim was tricked into sharing part of their seed phrase after receiving a call and emails appearing to be from Coinbase's security team. The scammer claimed the victim's wallet was directly connecting to the blockchain, causing transactions to be made. The victim was directed to a website to enter their seed phrase to stop the transactions. Hours later, $1.7 million was drained from their wallet. Crypto security incidents have led to losses of around $1.19 billion in the first half of 2024.