Crypto Scam Takes Down Artist’s $2 Million Retirement Fund

After dedicating his life to creating iconic art, including contributions to Jeff Koons’ Balloon Dog sculptures, Suman turned to cryptocurrency investments to secure his retirement funds. He built a significant portfolio: 17.5 BTC and 225 ETH, stored securely offline in a hardware wallet for enhanced protection. But even this precautionary measure failed to shield him from deceit. A seemingly legitimate Coinbase security representative contacted Suman, claiming awareness of his account details, leading him to enter his seed phrase into a website disguised as the actual Coinbase platform. This seemingly safeguarded action ultimately resulted in all his digital assets—worth over $2 million—being drained within days. The incident highlights how even with robust security measures, con artists can exploit trust and create elaborate fake situations, making the crypto world vulnerable to sophisticated deception. This serves as a stark reminder that scams are more prevalent than many realize in the realm of cryptocurrency.