According to ZachxBT, Coinbase users have lost more than $450 million related to social engineering. Independent analysts shared a set of addresses linked to suspicious scammers.
Zachxbt has pointed out $45 million in leaks from Coinbase users in the past week alone. The destination address was identified as belonging to a social engineering scammer.
On-chain researchers intercepted 10 BTC and ETH addresses, received a relatively large lump sum payment, and moved to a new anonymous wallet.
ZachxBT discovered 10 new addresses that moved BTC, ETH and DAI and sent the funds to Thorchain or Mixer. |Source: Zachxbt Telegram
At the Ethereum address, the exploiters received ETH and DAI funds and quickly emptied their destination wallet. In a similar scam, the attacker used anonymous Dex and Defi services as well as the coin mixer.
Previous investigations link fraud to spoofing verification messages. The target was personally called by Coinbase Support spoofing. I then used the spoofed site to copy the email template and convinced the user to send all my funds to a new address. This also describes the transaction pattern where an entire account was empty in one large transfer.
Coinbase users suffer huge losses from personal scams
ZachxBT reported nine-digit losses due to fraud targeting Coinbase customers. Even without a test transaction, most outflows were not flagged because users were signed and sent in large numbers.
Data from the previous month showed that scammers were busy with Coinbase customers. In March, Zachxbt pointed out $46 million, up to $605 million in December 2024 and January 2025.
None of the destination addresses were flagged by the Coinbase security tool.
In total, ZachxBT estimates the size of the fraud at $300 million a year. No other exchanges show similar withdrawals. One reason the investigators pointed out is that Coinbase Panels are sold through Telegram, with multiple scammers spoofing them as exchanges. These panels and toolsets are not available in other markets.
Zachxbt received some address Ask for investigation. Chain investigators also noted that some Coinbase users report directly to authorities. Scammers can almost constantly create new wallets, but the old wallets are not yet blacklisted on Coinbase.
The spills are very strict and there are suspicious activities from Coinbase. User Accountoften leads to freezing based on minor suspicion. However, there is no mitigation tool to send funds to scammers. ZachxBT is urging more account protection and community outreach to social engineering techniques.
Coinbase hosts a high percentage of US-based traders.Slaughter of pigs‘scam. The discovery arrived after a recent event, and the con artist persuaded the BTC holder to transfer the entire wallet 3,520 BTC.
Investors targeting the US tap on a wallet pool with an average of just $300 and have the opportunity to scam large retail owners. US-based wallets are estimated $800 million The wealth of total retail crypto.
Transactions from personal accounts were then sent to Thorchain, exchanged for Ethereum-based assets and mixed. Decentralized anonymous swaps help to hide the origins of funds. Some coins have been exchanged for Dai, a stub coin that can be easily mixed with tornado cash.
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