Bitcoin scam: How did a Coinbase user lose $11.6 million?

 Bitcoin scam: How did a Coinbase user lose $11.6 million?

A federal judge this month approved a warrant to get back more than $600,000 in bitcoins after investigators said a Coinbase user lost $11.6 million in an alleged scam, Insider reports.

In April, a Coinbase user bought 200 bitcoins, which is now worth about $12 million. A notification popped up on the user’s phone that said their account had been locked, according to Insider. The notification like it had been from the cryptocurrency investing app, Coinbase. But it wasn’t.

The notification was actually a part of a fraud scheme. Investigators said the scheme led to almost $11.6 million in cryptocurrency being stolen from the user’s account.

“It’s unclear how the alleged fraudster knew about the Coinbase transaction and whether the online notification mentioned in the warrant appeared on a phone or computer,” per Insider.

The Coinbase user called a number associated with the notification. An unknown individual answered…

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