PANews reported on May 18 that according to Cointelegraph, Ed Suman, a 67-year-old retired artist, suffered a scam impersonating Coinbase customer service earlier this year and lost more than $2 million worth of cryptocurrencies, including 17.5 bitcoins and 225 Ethereum. The portfolio contains most of his retirement savings.

Ed Suman stored his funds in a Trezor Model One hardware wallet to protect against exchange hacks. But in March, Suman received a text message that appeared to be from Coinbase, warning him of unauthorized access to his account. After responding, he received a call from a man claiming to be Brett Miller, a Coinbase security officer. The caller accurately pointed out that Suman's funds were stored in a hardware wallet. The scammer convinced Suman that his wallet was still vulnerable and walked him through a so-called "security procedure," in which he entered his seed phrase on a website that mimicked the Coinbase interface. Nine days later, a second caller claiming to be from Coinbase repeated the process. At the end of the call, all of Suman's cryptocurrency was stolen.