At least one Coinbase user was reportedly scammed out of 400 bitcoin, worth an estimated $33.5 million at current prices, in a series of social engineering attacks targeting users of the U.S.-based cryptocurrency exchange, according to on-chain investigator ZachXBT.
Details on how the funds were stolen remain unclear. However, ZachXBT identified the wallet "bc1qvl" as the theft address and noted at least three additional incidents since March 16. The other thefts involved 20 BTC, 46 BTC, and 60 BTC, respectively.
The stolen bitcoin was moved to Ethereum’s blockchain using bridging tools like THORChain and Chainflip, ZachXBT said.
"After uncovering this theft, I noticed multiple other suspected thefts from Coinbase users in the past two weeks, bringing the total stolen this month to $46M+,”"the sleuth shared on Telegram.
ZachXBT has previously flagged similar attacks against Coinbase users in recent months. In one case last year, scammers stole $234 million in bitcoin from a Gemini creditor by posing as Coinbase support staff. Miami police later arrested three suspects based on information provided by ZachXBT.
Last month, the investigator claimed that criminals exploited Coinbase users for $65 million between December 2024 and January 2025.
"Coinbase has not flagged any of the theft addresses from these victims in compliance tools," ZachXBT said in a Friday Telegram post regarding the latest March heists.
The Block has contacted Coinbase for comment.
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