Source: Cointelegraph Original: "{title}"
As cryptocurrency prices continue to rise, the industry continues to attract bad actors. In the past two weeks, Coinbase users may have lost up to $46 million due to alleged phishing scams.
Scams such as address poisoning and wallet deception involve tricking victims into sending assets to fraudulent wallet addresses that are very similar to legitimate ones.
According to blockchain investigator ZachXBT, several wallets linked to Coinbase have been targeted this month. Screenshots from blockchain explorer Blockchair show a wallet address that allegedly had 400 Bitcoin (BTC) stolen.
"Yesterday, a Coinbase user was reportedly scammed out of $34.9 million (400.099 BTC)," the investigator wrote in a Telegram post on March 28. "He added, 'After discovering this theft, I noticed that in the past two weeks, Coinbase users have also fallen victim to several other suspected thefts, bringing the total amount stolen this month to over $46 million.'"
Suspected 400 BTC phishing theft victim. Source: Blockchair
"Coinbase communications director Jaclyn Sales told Cointelegraph: 'We are aware of ZachXBT's claims and are investigating.'"
She said, "If someone contacts you claiming to be from Coinbase and asks you for this information or requests you to transfer assets, do not do it. It is a scam."
Related: Security issues delay cryptocurrency adoption globally—survey
Scammers often impersonate globally recognized brands, creating a false sense of trust among victims.
U.S. brands are frequently impersonated by scammers. Source: Mailsuite
According to a Cointelegraph report in June 2024, Coinbase is the most impersonated brand by scammers in the cryptocurrency industry, but Meta has been targeted more than 25 times the number of cryptocurrency exchanges.
According to CoinMarketCap data, Coinbase is the third-largest centralized cryptocurrency exchange (CEX) in the world, with daily cryptocurrency trading volumes exceeding $1.6 billion.
To protect themselves, Coinbase recommends users use dedicated email accounts, enable two-factor authentication, set up address whitelists, and use Coinbase Vault for enhanced security.
Related: Complex cryptocurrency address poisoning scams cost $1.2 million in March
ZachXBT stated in a post on X on February 3 that Coinbase users may have lost over $65 million in "high-trust thefts" between December 2024 and January 2025. He added:
Source: ZachXBT
Pig-butchering scams are another type of phishing scheme that involves long-term and complex manipulation strategies to trick investors into voluntarily sending their assets to fraudulent cryptocurrency addresses.
According to Cyvers data, in 2024, "pig-butchering scams" on the Ethereum network caused over $5.5 billion in losses across the industry, involving 200,000 identified cases.
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