According to a recent investigation by blockchain investigator ZachXBT and Tanuki42 from Web3 security platform zeroShadow, Coinbase users have suffered substantial financial losses due to social engineering scams.
The analysis revealed that victims were deceived between December 2024 and January 2025 into transferring about $65 million to fraudulent accounts.
Scammers have been exploiting Coinbase users by faking security alerts. Victims received calls from spoofed numbers, where scammers, equipped with personal data likely sourced from private databases, warned them of unauthorized access attempts.
These criminals then sent emails mimicking official Coinbase communication, complete with case IDs, convincing users to move their funds to secure their accounts… only to steal them.
Despite recurring security breaches, Coinbase’s efforts to curb these scams have been criticized as insufficient. ZachXBT pointed out the lack of effective action and transparency from Coinbase, highlighting a significant incident where $38 million from a BTCTurk hack was laundered through the platform.
Official Response
In response to these alarming findings, Jaclyn Sales, Director of Communications at Coinbase, advised customers to immediately end any suspicious calls and familiarize themselves with the resources provided by Coinbase to recognize and avoid scams. Despite these advisories, the effectiveness of Coinbase’s strategies in halting the fraud remains in question.