Coinbase Users May Have Lost Up to $46 Million to Online Scams Amid Crypto Surge
Coinbase users may have lost up to $46 million to online scams over the past two weeks as cryptocurrency prices surged. Scams such as address poisoning and fake wallets have tricked victims into sending funds to fraudulent addresses.
According to blockchain investigator ZachXBT, multiple wallets linked to Coinbase have been targeted, with one suspected case involving the theft of 400 Bitcoin ($82,022) from a single wallet.
One Coinbase user is believed to have lost $34.9 million (400.099 BTC) on March 28. The investigator uncovered several other thefts in the past two weeks, bringing the total stolen funds to over $46 million this month.
Jaclyn Sales, Coinbase’s Communications Director, stated that the company is investigating ZachXBT’s claims.
She emphasized that Coinbase never requests login credentials, API keys, two-factor authentication codes, or fund transfers, warning users to stay vigilant against impersonation scams.
Scammers Continue to Impersonate Leading Brands
Fraudsters frequently impersonate major global brands to create a false sense of trust among victims.
Coinbase Is the Most Impersonated Crypto Brand, But Meta Remains 25 Times More Targeted
Coinbase is the most impersonated brand in the crypto industry, though Meta remains a far more frequent target—25 times more so. As the world's third-largest cryptocurrency exchange, with a daily trading volume exceeding $1.6 billion, Coinbase advises users to secure their accounts using a dedicated email, two-factor authentication, an allowlist for addresses, and Coinbase Vault.
History of Scam-Related Losses at Coinbase
ZachXBT reported that over $65 million may have been stolen from Coinbase users between December 2024 and January 2025 in a "high-confidence theft." He noted that the actual figure could be even higher, as the data is based only on direct messages and on-chain thefts, excluding reports from Coinbase and law enforcement.