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The Defiant 2025-02-04 23:07:19

Coinbase Users Were Scammed Out of $65 Million in a Month, According to ZachXBT

Renowned blockchain investigator ZachXBT says Coinbase, the largest U.S.-based centralized crypto exchange, has failed to end social engineering scams on its platform, resulting in over $300 million worth of losses per year, according to a Feb. 3 X post thread. ZachXBT and Tanuki42 from zeroShadow, a Web3 security platform, reviewed Coinbase withdrawals and data from direct messages on X. They found that from December 2024 to January 2025, Coinbase users lost approximately $65 million due to social engineering scams. The investigation did not account for Coinbase support tickets and police reports, so the stolen amount may be higher than the estimated $65 million. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

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