Coinbase Users Lost $45 Million in a Week Due to Fraudster Attacks
Date: 2025-05-09 Author: Oliver Abernathy Categories: BUSINESS
Over the past week, Coinbase users have fallen victim to a large-scale fraudulent scheme, as a result of which criminals managed to steal about $45 million. This was reported by the well-known on-chain researcher ZachXBT, emphasizing that the exchange continues to face vulnerabilities that are not typical for other large crypto platforms.
The expert noted that he systematically monitors such incidents and has recorded thefts of hundreds of millions of dollars in recent months. According to him, no other large exchange demonstrates such a level of threats. According to the statistics he collected, since the beginning of 2025, the total losses of victims of such attacks related to Coinbase have exceeded $300 million.
The attack scenario has remained virtually unchanged: criminals pose as support service employees and convince users to give them account access data or transfer assets to specified external wallets. This tactic, based on the manipulation of trust, continues to work effectively on many cryptocurrency owners.
Philip Martin, who is responsible for security at Coinbase, proposed a solution to combat this threat - the creation of a national registry of fraudulent activities. He believes that such a tool will allow for more effective tracking of incidents, identifying recurring patterns and taking prompt measures to protect users. In addition, Martin expressed hope that with the help of the registry, federal agencies will be able to more purposefully combat the causes of the growth of cybercrime in the field of crypto assets.
It should be noted that such attacks are not isolated cases. In March, users reported receiving fake emails purporting to be from Coinbase, offering to transfer cryptocurrency to new wallets. The emails used pre-generated seed phrases, which created an impression of officialdom and misled even experienced investors.
Amid the growth of such incidents, more and more experts agree that the fight against social engineering attacks requires not only technical but also educational solutions aimed at increasing the digital literacy of users.
