CoinbaseEffect

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Coinbase’s CEO unveils a bold plan to end failed lobbying, channeling tech money into pro-innovation candidates and rallying millions to reshape Washington’s future.
Coinbase Ends Decade of Failed Policy – Armstrong Reveals the Bold New Plan
Brian Armstrong, CEO of crypto exchange Coinbase (Nasdaq: COIN), has emerged as a prominent advocate for reshaping how the tech industry engages with Washington D.C.
“Tech will continue to have lots of influence in DC as long as we keep supporting candidates who are pro-tech and pro-business, regardless of which party they are in,” Armstrong remarked in a post on social media platform X on Monday. The Coinbase boss added:
It sounds crazy, but most tech policy for the last decade was giving money to people who hated us, to try and ameliorate them.
“This totally failed (and should have been obvious in hindsight),” he opined. His comments responded to a post on X by Newlimit co-founder Blake Byers, who wrote: “Silicon Valley has flipped Wall Street for power in DC. Surprisingly, it happened with a Republican elect even though Democrats have held a massive majority in tech forever. This is a few years behind tech flipping Hollywood for cultural power but still much faster than I had expected.”
Armstrong’s stance reflects Silicon Valley’s growing frustration with traditional lobbying tactics that prioritize appeasing lawmakers over fostering long-term growth. His critique highlights a broader shift in the tech industry, where companies previously spread political donations across parties to mitigate regulatory pressure. As scrutiny around cryptocurrencies, AI, and emerging technologies increases, Armstrong advocates for selectively supporting candidates who champion innovation and economic growth, rather than engaging with politicians skeptical of the industry.
This approach is already taking shape through Coinbase’s “Stand with Crypto” initiative, a grassroots movement aimed at rallying voter support for crypto-friendly legislation. The campaign has drawn millions of supporters who are eager to see policies that nurture blockchain technology and digital assets, rather than stifle them with restrictive regulations.
In the lead-up to the 2024 election, the cryptocurrency industry has backed Donald Trump’s campaign due to his pro-crypto stance. Digital asset firms also made separate donations to his inauguration efforts. Ripple pledged $5 million in XRP to the Trump-Vance Inaugural Committee, while Coinbase and Kraken each contributed $1 million.

Coinbase, one of the largest cryptocurrency exchanges, has come under intense scrutiny for its inability to prevent widespread scams while simultaneously restricting user access to accounts. A recent investigation by blockchain analyst ZachXBT reveals that cybercriminals steal more than $300 million per year from Coinbase users, with $65 million disappearing in just the last two months. Despite the alarming scale of these thefts, critics argue that Coinbase has made little progress in addressing the issue.

Many users have reported being locked out of their accounts without warning, preventing them from recovering lost funds. A Coinbase customer, Hudson Jameson, expressed frustration over the company’s actions, stating that his account was restricted from sending crypto without explanation, though he was still allowed to convert assets to USD and withdraw funds. This lack of transparency has fueled growing dissatisfaction among the platform's users.

Scammers Exploit Phishing & Social Engineering Tactics 🔥🔥

Fraudsters employ advanced social engineering tactics to deceive users into granting access to their accounts. One common scheme involves fake Coinbase support calls, where scammers claim unauthorized login attempts have been detected. Using stolen personal information, they convince victims to disclose sensitive credentials. To counter these attacks, Coinbase has reminded users that the company never initiates phone calls for account-related issues.

Phishing scams are another major concern, with fraudsters impersonating Coinbase via emails and fake case IDs to trick users into visiting fraudulent websites. Victims unknowingly enter their credentials, allowing scammers to take over accounts and drain funds in minutes. Some scams even involve directing users to so-called “secure” wallets, which are secretly controlled by attackers. ZachXBT’s report also reveals that criminal networks sell access to phishing control panels via Telegram, enabling new scammers to replicate Coinbase’s interface and deceive more victims.

🚀🚀🚀Coinbase's Security Measures Under Fire

One of the biggest criticisms leveled at Coinbase is its failure to block known scam addresses despite having access to compliance tools that could flag fraudulent transactions. Many stolen funds are transferred to addresses that have been linked to previous thefts, yet the exchange continues to process these transactions without intervention. Additionally, users seeking assistance often report unhelpful customer support and unresolved complaints, further eroding trust in the platform.

To mitigate these security risks, experts are urging Coinbase to implement several critical changes, such as eliminating phone numbers as a default recovery method, offering enhanced security measures for elderly users, and strengthening phishing detection systems. Without urgent action, losses will continue to mount, and confidence in the platform will decline even further.

✨✨✨Growing Threat of Physical Crypto Attacks

Beyond online scams, physical attacks on crypto holders are on the rise, signaling a dangerous shift in criminal tactics. Cases of direct coercion and violence have surged, with 18 incidents reported in 2023, 24 in 2024, and eight already recorded in January 2025. This growing trend highlights how criminals are moving beyond cyber theft to force victims into transferring digital assets through threats and physical harm.

A particularly concerning method, known as “wrench attacks,” involves assailants using brute force to extract crypto holdings from victims. Unlike cyber hacks, these crimes are instant and difficult to trace, making them an increasingly attractive option for criminals. To combat this threat, security firms are developing insurance solutions, such as AnchorWatch’s Bitcoin robbery policy, which covers up to $100 million in losses for victims of violent crypto-related crimes. However, the policy excludes hacking incidents and government seizures, underscoring the unique risks posed by physical crypto theft.

As cryptocurrency adoption grows, both digital and physical security risks are escalating, leaving investors increasingly vulnerable. Without stronger protective measures from platforms like Coinbase, users must remain vigilant and take proactive steps to safeguard their assets.
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