ZachXBT has revealed that Coinbase users have lost at least $150 million due to social engineering scams, with one victim losing $11.5 million worth of Bitcoin on Base , the exchange's layer-2 network. The losses raise serious concerns about the security of the major US-based cryptocurrency exchange. On January 31, blockchain analyst ZachXBT exposed another large-scale theft , showing how scammers continue to exploit Coinbase customers. In this case, a user lost 110 cbBTC—Coinbase’s wrapped version of Bitcoin—after falling for a fraudulent scheme. The stolen crypto was quickly laundered through various instant exchanges, making recovery nearly impossible. The attackers swapped, bridged, and mixed the funds across multiple platforms before combining them with other stolen assets on Ethereum. ZachXBT explained that this case is part of a much larger pattern, estimating that at least $150 million has been stolen from Coinbase users in the past year. The actual figure could be significantly higher, as his estimate is based only on independently verified incidents. “Coinbase has a serious fraud problem,” he stated, adding that he continues to uncover more cases regularly. Coinbase has yet to respond publicly to the latest theft. However, scams where criminals impersonate Coinbase support have become widespread. These fraudsters use phishing emails, fake customer service calls, and other deceptive tactics to steal login credentials and drain wallets. Once inside an account, they rapidly transfer and conceal stolen funds. Similar incidents have occurred before. In December, a Coinbase Commerce vendor lost $15.9 million, with no action taken by the exchange’s anti-money laundering system. In October 2024, an imposter stole $6.5 million through a phishing scam, pretending to be part of Coinbase’s support team. ZachXBT emphasized that Coinbase users frequently reach out to him after falling victim to these attacks. He criticized the company’s lack of response, claiming that no other major exchange faces such a widespread issue. He accused Coinbase’s leadership of being out of touch, hiding behind internal policies rather than addressing security threats and helping victims. As the largest cryptocurrency exchange in the US, Coinbase is under growing pressure to improve its fraud prevention measures. If scams continue unchecked, they could further damage trust in centralized exchanges, emphasizing the urgent need for stronger security protections.
