Coinbase Users Hit Hard by Social Engineering Scams, $65 Million Lost

Significant losses incurred by Coinbase consumers as a result of social engineering schemes have been discovered by a recent study headed by blockchain investigator ZachXBT and Web3 security specialists from zeroShadow. According to the investigation, between December 2024 and January 2025, criminals defrauded Coinbase clients out of almost $65 million.

How Scammers Deceived Coinbase Users

Scammers used a clever tactic to exploit Coinbase users by impersonating security alerts. Victims received calls from numbers that appeared legitimate, warning of unauthorized access attempts to their accounts. Armed with personal information likely stolen from private databases, the fraudsters created a false sense of urgency.

Following these calls, the scammers followed up with emails disguised as official Coinbase communications. These emails included case IDs and convincing messages urging users to transfer their funds to “secure” accounts, ultimately leading to their financial loss.

Despite numerous reports of similar scams, Coinbase’s response has been under scrutiny. ZachXBT highlighted concerns over the lack of effective measures taken by the exchange, emphasizing an incident where $38 million from a BTCTurk hack was laundered through Coinbase. These recurring breaches have raised doubts about the platform’s ability to protect its users from sophisticated fraud schemes.

In response to the findings, Jaclyn Sales, Coinbase’s Director of Communications, issued a statement advising users to be cautious of suspicious calls. She recommended that customers familiarize themselves with Coinbase’s security resources to help identify and avoid potential scams. However, many are questioning whether Coinbase’s current efforts are enough to combat these ongoing threats.