Key Notes
- According to ZachXBT, one single theft of 400 BTC worth $34.9 million, was the biggest in the phishing scam. Fraud tactics like address poisoning and wallet spoofing continue to exploit users, with Coinbase remaining the most impersonated crypto brand.
- Coinbase advises users to enable two-factor authentication, use a dedicated email, and store funds in Coinbase vaults.
Blackchain sleuth ZachXBT has recently reported that users of crypto exchange Coinbase have collectively lost over $46 million just over the past two weeks to suspected phishing scams.
The blockchain investigator reported that scammers have targeted multiple Coinbase wallets this month. A screenshot from blockchain explorer Blockchair suggests that 400 Bitcoin
BTC
$83 036
24h volatility:
1.4%
Market cap:
$1.65 T
Vol. 24h:
$27.48 B
, valued at $81,464 per BTC, may have been stolen from a single wallet address. 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, further stated that the company is aware of ZachXBT’s claims and has been further investigating the matter.
Sales further added that the crypto exchange will never ask for users’ login credentials, API keys, or even the 2FA codes. Thus, if anyone claims to be from Coinbase and requests this information, the users should resist from providing it, noted Sales.
Scams like address poisoning and wallet spoofing deceive victims into transferring assets to fraudulent wallet addresses that closely mimic legitimate ones.
In its earlier February blog post, the crypto exchange stated that users should use a dedicated email account, with two-factor authentication, as well as use the Coinbase vault for additional security.
Coinbase Remains the Top Target of Crypto Scammers
Scammers are targeting crypto users by impersonating major brands like Coinbase, which remains the most impersonated crypto exchange. It is the world’s third-largest centralized cryptocurrency exchange (CEX), handling over $1.6 billion in daily trading volume.
Last month, in a post on the X platform, ZachXBT stated that Coinbase users have lost more than $65 million, just between December 2024 and January 2025. “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,” it noted.
Coinbase has been pushing for clearer crypto regulations in the US. Last month, Coinbase urged the Securities and Exchange Commission (SEC) to reveal how much taxpayer money was spent on crypto enforcement under its former leadership.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
