Onchain sleuth and safety analyst ZachXBT claims to have recognized a further $45 million in funds stolen from Coinbase users by social engineering scams in the previous seven days alone.
In response to the onchain detective, the $45 million determine represents the latest monetary losses in a string of social engineering scams focusing on Coinbase users, which ZachXBT said is an issue distinctive amongst crypto exchanges:
“Over the previous few months, I’ve reported on 9 figures stolen from Coinbase users through related social engineering scams. Apparently, no different main alternate has the identical downside.”
Cointelegraph reached out to Coinbase however was unable to get a response by the time of publication.
The claims made by ZachXBT place the complete amount lost by Coinbase users to social engineering scams at $330 million yearly and mirror the rising variety of refined assault methods employed by risk actors to defraud crypto holders.
Associated: $330M Bitcoin social engineering theft victim is elderly US citizen
FBI points warnings on social engineering scams focusing on crypto users
In July 2024, experiences emerged that a number of Coinbase users have been focused by scammers posing as the alternate’s help workers. The scammers managed to drain $1.7 million from one consumer.
America Federal Bureau of Investigation (FBI) issued a warning in August 2024, sounding the alarm on scammers posing as crypto exchanges in an try to steal consumer funds and delicate consumer knowledge.
The FBI expanded this warning in September 2024, highlighting the use of fake employment offers from scammers focusing on crypto users.
In response to the FBI, North Korean state-affiliated hacking teams would direct victims to obtain malicious software program by disguising the software program packages as employment exams, job purposes, and data on funding alternatives.
Extra just lately, in March 2025, crypto users reported an uptick in scam emails imitating legit communication from crypto exchanges, directing users to withdraw their funds to exterior wallets.
The rising selection and class of social engineering scams prompted Coinbase chief safety officer Phillip Martin to name for streamlining the scam reporting process by having a single, unified framework or repository for figuring out and combating scams.
Journal: Real AI use cases in crypto, No. 3: Smart contract audits & cybersecurity
Cointelegraph by Vince Quill $45 million stolen from Coinbase users in the last week — ZachXBT cointelegraph.com 2025-05-07 19:57:00
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