Over $46M Stolen from Coinbase Users Amidst Crypto Surge

Coinbase users have lost more than $46 million to phishing scams in just two weeks, as rising crypto prices continue to attract cybercriminals.

Fraud tactics like address poisoning and wallet spoofing deceive victims into transferring funds to addresses that closely mimic legitimate ones.

Blockchain investigator ZachXBT reports that multiple Coinbase wallets were targeted, with a single theft involving 400 BTC—valued at $81,464 per coin—marking one of the largest known incidents.

A screenshot from blockchain explorer Blockchair suggests the staggering loss originated from a single compromised wallet.

In a Telegram post, ZachXBT noted:

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

Jaclyn Sales, Coinbase’s director of communications, confirmed the company is investigating the claims.

She reiterated that Coinbase will never request login credentials, API keys, or two-factor authentication codes, warning users to stay vigilant against impersonation attempts.

She said:

“We are aware of ZachXTB’s claims and are investigating. Coinbase will never call you or ask for your login credentials, API key or two-factor authentication codes. We will also never ask you to transfer funds. If someone contacts you claiming to be from Coinbase and requests this information or asks you to transfer assets, do not do it. It is a scam.”

Scammers Exploit Trusted Brands to Deceive Users

Scammers frequently impersonate major global brands to exploit consumer trust, using tactics like address poisoning and wallet spoofing to trick victims into transferring funds to fraudulent addresses.

While Coinbase remains the most impersonated brand in the crypto space, Meta saw over 25 times as many impersonation attempts as the exchange, according to a June 2024 report.

As the world’s third-largest centralised cryptocurrency exchange (CEX), Coinbase handles over $1.6 billion in daily trading volume, making it a prime target.

ZachXBT reported that between December 2024 and January 2025 alone, Coinbase users lost more than $65 million to phishing scams.

It noted:

“Our number is likely much lower than the actual amount stolen as our data was limited to my DMs and thefts we discovered on-chain which does not account for Coinbase support tickets and police reports we do not have access to.”

To mitigate risks, Coinbase advises users in February blog post, to enhance security by enabling two-factor authentication, using a dedicated email account, setting up an address allowlist, and leveraging Coinbase Vault for additional protection.

With scams becoming more sophisticated, will these measures be enough to curb mounting losses?