Customers of the largest cryptocurrency exchange Coinbase have been losing tens of millions of dollars to social engineering fraud for several months now. The total losses have already reached nine figures. In the last week alone, $45 million was stolen, according to blockchain detective ZachXBT. He also shared 10 addresses of the thieves, eight of which are bitcoin addresses. ZachXBT emphasized that no other major crypto exchange has a similar problem.
“Over $45 million more has been stolen from Coinbase users through social engineering in the last week alone. Over the past few months, I’ve reported nine cases of Coinbase users being stolen through similar social engineering scams,” ZachXBT said on his Telegram channel.
Investigators began raising the alarm about the thefts back in February, but Coinbase has not yet responded to these claims.
The social engineering theft scheme begins with a phone call from a fake number, as Coinbase does not call its users. After the call, the user receives a fake email that forces the owner to transfer funds to the fraudster’s wallet. ZachXBT claims that in the vast majority of cases, Coinbase does not report the addresses of the thieves in popular compliance tools at all, even if the thefts last for weeks. This is despite the fact that users ask the company for help.
Earlier, crypto detectives reported that Coinbase users lose more than $300 million a year due to social engineering fraud. In December 2024 and January 2025 alone, at least $65 million was stolen. Losses in March exceeded $40 million.
Source: ZachXBT
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