Feb 4, 01:12 PM

Coinbase Users Lose $65 Million to Scams in Two Months, ZachXBT Reports Annual Losses Exceed $300 Million

Blockchain investigator ZachXBT has reported that Coinbase users lost over $65 million to social engineering scams between December 2024 and January 2025. The findings indicate that the annual losses from such scams could exceed $300 million. The report highlights a concerning trend where scammers exploit vulnerabilities in Coinbase's security, including outdated API systems and unreported scam addresses. In the last two months alone, the losses attributed to these scams have raised alarm among users and experts alike, with ZachXBT emphasizing that the actual figures could be much higher due to unreported cases. Coinbase has been criticized for not doing enough to prevent these attacks, which often target vulnerable individuals, including the elderly, through tactics such as fake websites and spoofing techniques.

#ZachXBT #Coinbase

Written with ChatGPT (GPT-4o mini).