ZackXBT reports that $45 million has been stolen from Coinbase users through social engineering scams in the past week, contributing to an estimated yearly loss of $330 million. The FBI has warned users about such scams, noting the sophistication involved, including hackers posing as support staff and distributing malicious software via fake job offers. Coinbase’s chief security officer is advocating for improved scam reporting mechanisms.
In a troubling revelation, onchain analyst ZackXBT has reported that a staggering $45 million has been stolen from Coinbase users over the past week alone. This loss, tied to various social engineering scams, underscores a persistent issue for Coinbase that seems to be less prevalent among other major cryptocurrency exchanges.
ZackXBT, known for tracking onchain activities, disclosed that this hefty amount adds to the ongoing saga of scams that have reportedly led to total losses of $330 million annually for Coinbase users. He has highlighted the uniqueness of the problem faced by this exchange, noting, “Over the past few months, I have documented nine figures stolen from Coinbase users via such scams. No other major exchange has reported a similar trend.”
Cointelegraph attempted to reach out to Coinbase for comment on these allegations, but unfortunately, the exchange did not respond prior to the article’s publication. The significant nature of these claims raises concerns about the security measures in place to protect users from such fraud.
The rise in social engineering scams comes amidst growing fears about the methods adopted by fraudsters. For instance, it’s reported that scammers impersonating Coinbase’s support staff were able to extract a shocking $1.7 million from one victim in July last year. The FBI took notice, issuing warnings about these deceitful tactics as early as August 2024, highlighting the increasing sophistication of these scams.
In further warnings happening in September, the FBI elaborated that scammers also involved themselves in deceptive job offers, leading victims to inadvertently download malware disguised as legitimate software. This malware threat stems particularly from North Korean hacking groups orchestrating these attacks, with victims lured into downloading harmful software under false pretenses.
Recent reports from March 2025 have shown an alarming rise in phishing emails mimicking genuine correspondence from cryptocurrency exchanges. These emails aim to trick users into transferring their funds to unsafe external wallets, demonstrating a troubling shift in scam strategies.
In light of these escalating threats, Coinbase’s chief security officer, Phillip Martin, has called for a more efficient method for reporting scams. He suggests creating a unified framework or repository for identifying and tackling these threats effectively, highlighting the need for better user protection in an increasingly precarious digital landscape.
