Coinbase Users Lose Over $150 Million to Social Engineering Scams
ZachXBT reported that Coinbase users have lost at least $150 million due to social engineering scams. One victim lost $11.5 million in Bitcoin on the exchange's layer-2 network, Base. The issue raises concerns about Coinbase's security.
- On January 31, ZachXBT highlighted another theft involving 110 cbBTC, Coinbase’s wrapped Bitcoin, due to a fraudulent scheme.
- The stolen crypto was laundered through various exchanges, complicating recovery efforts.
- ZachXBT estimates that losses could be higher than $150 million as his figure is based on verified incidents.
- Coinbase has not publicly addressed the latest theft.
- Impersonation scams targeting Coinbase support are prevalent, utilizing phishing emails and fake calls to steal credentials.
- Previous incidents include a vendor losing $15.9 million and another user falling victim to a phishing scam for $6.5 million.
- ZachXBT criticized Coinbase for its lack of response and accused its leadership of being disconnected from the issues.
- Growing pressure is mounting on Coinbase to enhance fraud prevention measures to restore trust in centralized exchanges.