Coinbase Users Lose $65M in 2 Months to Scams, ZachXBT Reveals

Crypto researcher ZachXBT reports that Coinbase users have lost over $65 million to social engineering attacks in the past two months, with an estimated $300 million lost annually due to such attacks. ZachXBT noted that the actual losses could be even higher, as the figure doesn’t account for unreported cases. ZachXBT explained that scammers use stolen personal data to send fake emails pretending to be from Coinbase, including fake case IDs that trick users into transferring funds to scammer-controlled wallets. ZachXBT shared in a viral post that a Coinbase employee told users on X to stop using VPNs to avoid being flagged, while scammers are blocking VPNs on phishing sites. He criticized Coinbase for failing to identify the real issue.