In April 2025, Coinbase’s Layer 2 network, Base, became a hotspot for phishing scams, exposing critical security gaps.
Tensions escalated when a network’s social media post was auto-minted into a tradable token, gaining millions of dollars in value before crashing.
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Base Token Rises and Falls
On April 16, Base sparked controversy after posting a message—“Base is for everyone”—on its X account, along with a link to Zora, a token and NFT minting platform, suggesting the content had been auto-minted into a tradeable ERC-20 token.
However, what began as a highly anticipated release quickly spiraled into a rug-pull-style scam.
Despite the lack of clear information about the creators, the token gained massive attention on social media. Although the project’s page included a disclaimer,saying it wasn’t an official Base token, many traders believed it was backed by Coinbase.
This belief fueled a buying frenzy, sending the token’s price soaring 133,261%, with tscammer taking advantage of the hype, posting fake promotions with phishing links to malicious apps that compromised their wallets.
The token’s valuation shot up to $16.9 million, but as news of the scam spread, confidence plummeted, causing its price to crash to just $800K—a 95% drop in value.
Since then, the token has partially recovered, climbing 1,180% from its lows, according to DEXScreener data.
Phishing and Crypto Thefts Surge on Base Network
According to data from Scam Sniffer, phishing scams on Coinbase’s Base network surged by 145% in April 2025, accounting for more than 20% of all crypto thefts that month.
Scammers targeted users by tricking them into giving access to their wallets through fake social media accounts and deceptive transaction prompts.
These scams exploited weaknesses in the system that allowed unauthorized access to users’ funds.
Additionally, more than 34,000 high-risk vulnerabilities were found in Base’s smart contracts, raising concerns about the platform’s security flaws.
Overall, in 2024 alone, known losses from phishing signature attacks totaled $790 million.
Why It Matters:
This incident highlights the growing threat of phishing attacks in the crypto space, especially on emerging networks like Base. Users are advised to exercise caution, verify sources, and avoid clicking on suspicious links.
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