ZachXBT: In the past year, Coinbase users have lost at least $150 million due to scams

ChainCatcher news, according to BeInCrypto, blockchain investigator ZachXBT revealed that Coinbase users have lost at least $150 million due to social scams in the past year, with this amount confirmed in cases he has independently verified.

In the latest case, a user was scammed out of 110 cbBTC (worth $11.5 million) on the Base network. The attacker quickly laundered the funds using instant exchanges, making it nearly impossible to trace and recover the money through cross-platform exchanges and bridging operations.

ZachXBT pointed out that these scams are typically carried out by impersonating Coinbase customer service, including phishing emails, spoofed phone calls, and other tactics to trick users into revealing their private keys or account information. Once successful, the attackers immediately transfer and control the funds. Additionally, ZachXBT criticized Coinbase for failing to effectively assist victims and noted that its leadership has not adequately addressed security threats.