TechFlow reported on February 2 that, according to BeInCrypto, blockchain investigator ZachXBT disclosed Coinbase users have lost at least $150 million to social engineering scams over the past year—an amount confirmed solely through cases he has independently verified.
In the most recent case, a user was scammed out of 110 cbBTC (worth $11.5 million) on the Base network. The attacker quickly laundered the funds using instant exchanges and cross-platform swaps and bridges, making fund tracing and recovery nearly impossible.
ZachXBT pointed out that these scams typically involve impersonating Coinbase customer support through phishing emails, fake phone calls, and similar tactics to trick users into revealing private keys or account information. Once obtained, attackers immediately transfer and seize control of the assets. Additionally, ZachXBT criticized Coinbase for failing to effectively assist victims and noted that its leadership has not taken security threats seriously.
