Crypto Sleuth ZachxBT urged Coinbase that its users allegedly got scam for millions of people from December 2024 to January 2025.
In a viral Thread It has reached millions of views, Zachxbt and Zeroshadow Web3 Security Investigator Tanuki42 compiled reports from coinbase users, who lost their money in a series of social engineering scams by January 2024.
After collecting the coinbase withdrawal reports from X users through direct messages, the pair concluded that at least $ 65 million from the coinbase user accounts during a two -month period. However, Zach claims that this estimate is much lower than the actual number, as it does not include coinbase support tickets and police reports.
Zach predicts that if these scams remain, coinbase users may lose more than $ 300 million per year due to falling for social engineering scams.
Crypto.news has reached the coinbase for comments, but has not yet received a response.
Over the last few months, dozens of coinbase users have complained online about the sudden restriction of their accounts. Some exchanges have dubbed “FUD/misinformation”, claiming that the growth of new users and old users has increased fraud attempts to three times to activate its accounts after the US election. .
“Our fraud-rolm systems are working expected and saved customers in millions of losses in November alone,” wrote Coinbase Support.
However, Zach said the ban was “the direct result of” aggressive risk models and coinbase failure that failure to prevent its users from losing $ 300m+ per year for social engineering scams. “
Scammers posing as coinbase support
Social engineering scammers called the fund to the coinbase users by calling the fund to a spoof number and told them that their account had been compromised. The scammer will then send a fake email from the coinbase with a fake case ID, directing the victim to transfer funds to a coinbase wallet, while “support” verified his account security.
The link on fake email will take them to a clone coinbase site, which allows scammers to send different signs to the target via puffed email using panels.
Zachxbt stated that coinbase has failed to properly “diagnose the actual problem”, but the Crypto Exchange has also well accepted some things, such as providing recovery tools for users that deposit the incapable property And provides a good stabelcoin yield and on-ramp/ off-ramp mechanism.
They urged Coinbase to consider making phone numbers alternate for advanced users with authentic apps, especially for beginner or elderly users who do not allow withdrawal, as well as improve community outreach Do, as well as take legal action against the US -based scammers and for negligence, it is the primary tool used by the cyber criminal by the transonal users.
“The coinbase needs to make immediate changes because more and more users are being scammed for millions of people every month,” ZachxBT said.
