Blockchain investigator ZachXBT reports that Coinbase users have lost over $46 million in the past two weeks due to phishing scams.
Blackchain sleuth ZachXBT has recently reported that users of crypto exchange Coinbase have collectively lost over $46 million just over the past two weeks to suspected phishing scams.
The blockchain investigator reported that scammers have targeted multiple Coinbase wallets this month. A screenshot from blockchain explorer Blockchair suggests that 400 Bitcoin BTC $118 307 24h volatility: 0.4% Market cap: $2.35 T Vol. 24h: $42.03 B , valued at $81,464 per BTC, may have been stolen from a single wallet address. In a Telegram post, ZachXBT noted:
“It is suspected a Coinbase user was scammed yesterday for $34.9M (400.099 BTC). After uncovering this theft I noticed multiple other suspected thefts from Coinbase users in the past two weeks bringing the total stolen this month to $46M+.”
Jaclyn Sales, Coinbase’s director of communications, further stated that the company is aware of ZachXBT’s claims and has been further investigating the matter.
Sales further added that the crypto exchange will never ask for users’ login credentials, API keys, or even the 2FA codes. Thus, if anyone claims to be from Coinbase and requests this information, the users should resist from providing it, noted Sales.
Scams like address poisoning and wallet spoofing deceive victims into transferring assets to fraudulent wallet addresses that closely mimic legitimate ones.
In its earlier February blog post, the crypto exchange stated that users should use a dedicated email account, with two-factor authentication, as well as use the Coinbase vault for additional security.
Coinbase Remains the Top Target of Crypto Scammers
Scammers are targeting crypto users by impersonating major brands like Coinbase, which remains the most impersonated crypto exchange. It is the world’s third-largest centralized cryptocurrency exchange (CEX), handling over $1.6 billion in daily trading volume.
Last month, in a post on the X platform, ZachXBT stated that Coinbase users have lost more than $65 million, just between December 2024 and January 2025. “Our number is likely much lower than the actual amount stolen as our data was limited to my DMs and thefts we discovered on-chain which does not account for Coinbase support tickets and police reports we do not have access to,” it noted.
Coinbase has been pushing for clearer crypto regulations in the US. Last month, Coinbase urged the Securities and Exchange Commission (SEC) to reveal how much taxpayer money was spent on crypto enforcement under its former leadership.
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