The crypto industry is not a stranger to scams, rug pulls, and other vices. This time, the individuals involved are teenagers from Hamilton, Canada, who defrauded an American investor of $4.2M in Bitcoin and Ethereum. Investors are observing how this will affect the prices of Bitcoin (BTC) and Ethereum (ETH). Also, they want to know if this will affect the VC Spectra (SPCT) presale after it successfully raised $2.4M in private seed sales.
Scammers carry out spear phishing attacks in Canada, steal Bitcoin (BTC) from unassuming Coinbase customer
Recently, two teenagers, simply known as ‘Felon’ and ‘Gaze,’ were arrested and charged with possession of criminally obtained assets and theft after a sophisticated cyberattack was traced back to them. The reports from sources stated that these two individuals stole $4.2M worth of Bitcoin and Ethereum.
According to the authorities, the scammers, who are alleged to be 17-year-old minors, defrauded a US investor of his Bitcoin (BTC) and Ethereum by pretending to be from the Coinbase Support team. They employed a specific type of scam known as a spear phishing attack on their victim. In general, phishing attacks target members of the public, while spear phishing attacks target specific individuals.
During a spear phishing attack, attackers disguise themselves as a trusted source and try to contact the customer regarding something urgent. They then extract valuable information such as wallet passwords and private keys to complete their theft. In this scenario, the Canadian teenagers were successful, and they cleaned out the Bitcoin and Ethereum wallets of the American Coinbase customer.
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Ethereum (ETH) stands strong amidst the crypto theft saga
Right now, investors are looking to see if this Coinbase crypto scam will affect the prices of Bitcoin and Ethereum (ETH). According to recent price action, it seems the market ignored the occurrence. As of the time of writing this report, Bitcoin is still trading at $30,239, while Ethereum is trading at $1,886.
Bitcoin and Ethereum are the two largest cryptocurrencies in the world by a long shot. Together, they dominate 70% of a $1.18 Trillion industry. It is unlikely that a ‘small scam’ of $4.2M will plunge the prices of these tokens. However, the fact that the scammers used Coinbase’s reputation to achieve their goals is a valid cause for concern.
VC Spectra (SPCT) remains immune to crypto market sentiments
The crypto community is always wary of new crypto platforms and for good reason. Thankfully, investors already trust the VC Spectra ecosystem.
VC Spectra (SPCT) is a decentralized hedge fund built to drive development through strategic investments in the blockchain industry. As an active hedge fund, VC Spectra rewards its users with quarterly payouts and profits from buybacks of profitable blockchain investments.
Currently, VC Spectra is trading at $0.008. When VC Spectra enters its next presale phase, the token will jump by 37.5% and sell for $0.011. VC Spectra (SPCT) will launch in the mainstream crypto market soon and sell for $0.08, representing a 10x increase from its present presale price.
Learn more about the VC Spectra (SPCT) presale here:-
Presale: https://invest.vcspectra.io/login
Website: https://vcspectra.io/
Telegram: https://t.me/VCSpectra
Twitter: https://twitter.com/spectravcfund
Source: https://www.cryptonewsz.com/price-implications-for-vc-spectra-btc-and-eth-after-recent-scam/