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On-chain investigator ZachXBT has reported that Coinbase users have lost approximately $45 million in the past week due to sophisticated social engineering scams. These attacks involve tricking users into revealing sensitive information, leading to unauthorized access to their cryptocurrency accounts.
ZachXBT highlighted that this issue appears to be unique to Coinbase among major crypto exchanges, stating, “Over the past few months, I have reported on nine figures stolen from Coinbase users via similar social engineering scams. Interestingly, no other major exchange has the same problem.”
The Federal Bureau of Investigation (FBI) has previously issued warnings about such scams, noting that attackers often pose as crypto exchange support staff or offer fake employment opportunities to deceive victims. These tactics have led to significant financial losses for individuals in the crypto community.
Coinbase’s Chief Security Officer, Phillip Martin, has called for a unified framework to streamline the reporting and combating of these scams, emphasizing the need for enhanced security measures and user awareness.
