Coinbase Users Lose Over $46M in Suspected Thefts This Month: ZachXBT

Blockchain investigator ZachXBT has revealed that Coinbase users have lost over $46 million to suspected thefts this month. The most recent case involved a user scammed out of $34.9 million (400.099 BTC) on March 27. The stolen assets were reportedly moved from Bitcoin to Ethereum using Thorchain and Chainflip before being converted into DAI, potentially to obscure their origins.

ZachXBT detailed a pattern of thefts targeting Coinbase users over the past two weeks. In addition to the $34.9 million loss, the investigator identified other suspected cases, including a theft of 60.164 BTC on March 26, another involving 46.147 BTC on March 25, and an earlier case of 20.028 BTC on March 16.

Coinbase Users Face Massive Yearly Losses

As reports of the thefts surface, uncertainty has emerged about Coinbase’s approach to addressing the issue. According to the blockchain investigator, Coinbase has yet to flag any addresses linked to these thefts in compliance tools, raising concerns about the platform’s ability to track and prevent ongoing fraud.

These concerns are further underscored by an earlier investigation from December 2024 to January 2025, which found that $65 million was stolen from Coinbase users. The research suggested that Coinbase users face an estimated $300 million yearly loss due to social engineering scams.

Scammers’ Tactics

A common tactic used by scammers involves phone number spoofing and phishing emails. One victim, who lost $850,000 in January, shared their experience with ZachXBT. The scammer called the victim from a spoofed phone number and used stolen personal data to gain their trust. 

Then, they claimed the victim’s account had unauthorized login attempts and followed up with a fraudulent email appearing to be from Coinbase, complete with a fake Case ID. The victim was then instructed to transfer funds to a Coinbase Wallet and endorse an attacker-controlled address under the guise of account verification.

ZachXBT noted that scammers replicate Coinbase’s interface almost identically, using spoofed emails to deceive users into transferring their assets. With millions in digital assets stolen in just a few months, concerns are mounting over Coinbase’s ability to protect its users from increasingly sophisticated fraud tactics.