Crypto exchange Coinbase (Nasdaq: COIN) and law enforcement are coordinating to protect customers, assist victims, and recover funds linked to crypto fraud. The digital asset platform described its cooperation with prosecutors on Dec. 19 in connection with a Brooklyn investigation into an alleged impersonation scam.

Coinbase CEO Brian Armstrong shared on social media platform X:

If you try to steal from our customers, we will work with law enforcement to find you and bring you to justice. One down, more to go.

The statement followed criminal charges announced by the Brooklyn District Attorney’s Office against a Brooklyn man accused of running a long-running impersonation scheme targeting Coinbase users nationwide. Prosecutors allege the defendant posed as a Coinbase support representative, warned victims their accounts were compromised or at imminent risk, and pressured them to move funds into purported “safe” wallets controlled by the scammer. Investigators estimate the scheme affected roughly 100 victims and resulted in nearly $16 million in alleged losses, while more than $600,000 has been recovered through enforcement actions and blockchain tracing.

Read more: Coinbase Security Impersonation Scheme Exposed as Authorities Claim Nearly $16M Was Siphoned

In a separate X post, Coinbase shared:

Crypto scams aren’t anon. Coinbase is committed to working with law enforcement to trace funds, support victims, and pursue accountability. We’re proud to have helped the Brooklyn DA bring justice in a long-running impersonation scam.

Beyond the charges, Coinbase outlined its collaboration with the Brooklyn District Attorney’s Office and its Virtual Currency Unit, including identifying potentially impacted customers, supporting victim outreach, preserving information in response to lawful requests, and assisting on-chain analysis to follow transaction flows and support recovery efforts.

The company emphasized there is no evidence customer data was obtained through a Coinbase security breach, noting that impersonation scams typically exploit communication channels such as email, SMS, phone calls, and social apps rather than technical vulnerabilities. Coinbase also reiterated guidance for users, warning it will never ask customers to transfer crypto to a “safe” wallet or share authentication codes or seed phrases. The platform added that blockchain transparency can enhance accountability when exchanges and law enforcement work together, and it reaffirmed continued investment in prevention, education, and partnerships aimed at deterring crypto-related fraud.

• What role did Coinbase play in the Brooklyn impersonation scam case?
  Coinbase assisted prosecutors by tracing funds on-chain, identifying impacted users, and supporting victim outreach.
• How much was allegedly stolen in the Coinbase impersonation scam?
  Prosecutors estimate nearly $16 million in losses affecting about 100 victims nationwide.
• Was the scam linked to a Coinbase data breach?
  Coinbase said there is no evidence customer data was obtained through a security breach.
• What warning signs did Coinbase highlight for users?
  Coinbase stressed it never asks customers to move crypto to “safe” wallets or share codes or seed phrases.

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