Coinbase has thwarted a sophisticated $20 million spoofing scheme, employing its brand to execute cyber fraud. The operation was identified and neutralized with the help of law enforcement. This incident underscores the vulnerability of cryptocurrency platforms to off-chain attacks, urging industry leaders to prioritize enhanced security measures for protecting user data and assets. Coinbase’s consumer protection team, alongside law enforcement authorities, played a crucial role in disrupting this fraud. The company collaborated with Matt Taylor, Executive at Coinbase, who confirmed details on social media, rejecting ransom demands, demonstrating transparency and integrity.