Coinbase Phishing Scams Drain $46M from Users in Two Weeks

Blockchain investigator ZachXBT has revealed that Coinbase users collectively lost over $46 million in just two weeks to suspected phishing scams. The alarming thefts highlight the growing risks in the crypto space, with scammers increasingly targeting major exchanges like Coinbase.

$34.9M Stolen in a Single Transaction

ZachXBTs investigation uncovered that a single Coinbase wallet was drained of 400 BTC (worth $34.9 million) in a suspected phishing attack. In a Telegram post, the investigator stated:

“It is suspected a Coinbase user was scammed yesterday for 34.9M(400.099BTC). 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+.”

A screenshot from Blockchain Explorer confirmed the massive transaction, raising concerns over crypto security.

Coinbase Responds to Security Concerns

Jaclyn Sales, Coinbases director of communications, confirmed the exchange is investigating the claims. She warned users:

“Coinbase will never ask for login credentials, API keys, or 2FA codes. If anyone claiming to be from Coinbase requests this information, its a scam.”

Scammers often use address poisoning and wallet spoofing, tricking victims into sending funds to fraudulent addresses that mimic legitimate ones.

How to Protect Your Crypto Assets

In a February blog post, Coinbase advised users to:

• Use a dedicated email for crypto accounts.
• Enable two-factor authentication (2FA).
• Store assets in a Coinbase Vault for extra security.

Despite these measures, Coinbase remains the most impersonated crypto exchange, making users prime targets for fraud.

$65M Lost in Just Two Months

Last month, ZachXBT reported that Coinbase users lost over $65 million between December 2024 and January 2025. The investigator noted:

“Our number is likely much lower than the actual amount stolen, as our data was limited to my DMs and on-chain thefts. It doesnt account for unreported support tickets or police cases.”

As crypto scams surge, Coinbase continues pushing for clearer US regulations. Recently, the exchange urged the SEC to disclose how much taxpayer money was spent on crypto enforcement under previous leadership.

Stay Vigilant Against Crypto Scams

With phishing attacks on the rise, Coinbase users must stay alert. Always verify transaction details, avoid sharing sensitive data, and use official security features to safeguard investments.