How can we stop events like these from happening?

[Review_Master2]

According to the United States Attorneys Office, a Coinbase customer lost $11.6 million in less than 10 minutes after falling for a bogus notice fraud."

What are your opinions on this subject matter? I mean, how could this happen to a person with so much riches, and yet they were completely unaware of these basic scams? What are your ideas on how we might prevent this from happening in the future? Is it possible that new rules will fix these problems

[CryptoboyRamesh]

That's a huge amount! I am not sure how a person has raked up so much money but yet not aware of such phishing scam! Phishing scams can be easily avoided with some knowledge of how scammers initiate such things and with a little eye on details.

Secondly, it shows the importance of having a 2 factor authentication in place. Since 2FA is dynamic, the scammers will not be able to transfer money out of your account even after having your ID and password.

I personally have fallen prey for such phishing scams back in 2008 with Liberty Reserve where I had lost a little over 1000 USD and I wasn't able to recover that money ever

[CryptoboyRamesh]

Here's link to the news since OP didn't bother to mention it, https://markets.businessinsider.com/news/stocks/huobi-global-warrant-seeks-102-bitcoin-coinbase-theft-doj-2021-10. Part of the news mention possibility of insider help/leak.

In April, after a Coinbase user bought 200 bitcoin, a notification popped up, alerting them that their account had been locked, according to a complaint filed by the US Attorneys Office in Los Angeles. Although the notification appeared to be from Coinbase, it wasn't.

Instead, the fake notification was the first step in an alleged fraud. In the moments that followed, almost $11.6 million in crypto, about 206 bitcoin, was removed from the user's account, investigators said.

It is unclear how the alleged fraudster knew about the Coinbase transaction, and whether the online notification noted in the warrant appeared on a phone or computer.

I mean, how could this happen to a person with so much riches, and yet they were completely unaware of these basic scams?

One possible reason is low digital security literacy.