Brian Armstrong, the CEO of leading U.S. cryptocurrency exchange Coinbase, on Saturday issued a strong warning to crypto scammers following the growing cases of frauds targeting its customers.
The warning has come after the firm joined hands with the Brooklyn District Attorney’s Office, assisting the law enforcement agency in dissolving a longstanding impersonation scheme.
The exchange has remained firm on its belief that illicit activity on the blockchain is far from anonymous, hence it has shown commitment toward bringing down crypto fraudsters.
As such, Armstrong has made it clear that anyone attempting to steal from its customers will be pursued relentlessly and brought to justice, revealing that one of the perpetrators of the ongoing Brooklyn DA case has been brought down. Armstrong noted that investigation is still ongoing to bring down the last scammer.
Coinbase joins in major fraud crackdown
Notably, the warning has come after Coinbase collaborated with the Brooklyn District Attorney’s Office to help investigate a prolonged impersonation scam that targeted unsuspecting victims.
The scammers positioned themselves as trusted entities to deceive users into entrusting their crypto assets with them disguising as reputable crypto operators.
In his warnings, Armstrong reminded that crypto scams are not as anonymous as many perpetrators believe, emphasizing that it would utilize blockchain networks, transaction histories and cooperation with legal authorities to actively support investigations that focus on recovering stolen funds and holding offenders accountable.
After the successful investigation on one of the perpetrators, Coinbase acknowledged popular on-chain investigator ZachXBT for his contribution to the case.
Although this is not the first time Coinbase has established its commitment to protecting users, supporting victims and ensuring that bad actors face real-world consequences, its major contribution to the Brooklyn DA case has brought further relief to its customers.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team