Blockchain analyst ZachxBT reports that more than $46 million suspected of fraud targeting Coinbase users occurred in March.
These frauds and losses include one $34.9 million in Bitcoin theft. Analysts shared Telegram details, identifying multiple transactions linked to stolen funds, bridged from Bitcoin (BTC) to Ethereum (ETH) and converted to DAI (DAI).
According to ZACHXBT, the biggest scams included 400.099 BTC (34.9m), and additional thefts were included on March 26th (60.164 BTC), March 25th (46.147 BTC), and March 16th (20.028 BTC).
You might like it too: The UAE is set to launch Digital Dirham CBDC this year
The stolen assets passed through Thorchain and ChainFlip before conversion. He also criticized Coinbase for not flagging these addresses with its compliance tools.
“Coinbase does not flag addresses for thefts from these victims in its compliance tool,” an analyst wrote in Telegram.
Zachxbt noted that the issue is ongoing and refers to his previous investigation of $65 million stolen from Coinbase users between December 2024 and January 2025.
He argued that Coinbase is facing a social engineering fraud problem, estimated at $300 million a year.
You might like it too: Grayscale file for Avalanche ETF using Nasdaq
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
