In a shocking turn of events, Coinbase users found themselves on the unfortunate end of a massive social engineering scam that cost them over $46 million in March 2025. Yes, you heard that right. A staggering amount snatched away, leaving many scratching their heads in disbelief.
The scammers were clever, using spoofed phone calls and phishing emails to trick unsuspecting users. With stolen personal data, they built trust before leading their victims to a malicious wallet address. It was like watching a magician pull a rabbit out of a hat, only this time the rabbit was a lot of Bitcoin. Many of these victims likely had invested in meme coins, which have become increasingly popular in recent years.
Cunning scammers used spoofed calls and phishing emails, luring victims to a malicious wallet—vanishing millions in Bitcoin like a magic trick.
The biggest single theft? Around 400 BTC, valued at approximately $34.9 million. That’s a number that would make anyone’s heart race. But this wasn’t just a one-time deal. Multiple incidents happened on March 16, 25, and 26. Bitcoin and Ethereum were the currencies of choice, and once stolen, the funds were quickly converted to the stablecoin DAI. Poof! Just like that, money disappeared.
Now, let’s talk about Coinbase. Critics have pointed fingers at the platform for not flagging known theft addresses and for their lack of transparency. They’ve been losing over $300 million annually to social engineering scams. This staggering amount highlights the vulnerability of digital asset holders, what gives? The ongoing threat of cybercrime in cryptocurrency is underscored by the fact that $46 million was stolen in March alone.
ZachXBT, the whistleblower in this saga, used on-chain analysis to expose these scams, but where was Coinbase? Silent. Users deserve better.
These scams are sophisticated, exploiting psychological vulnerabilities. They’re not just losing money; they’re losing peace of mind. It’s a nightmare. The year started with a $65 million loss between December 2024 and January 2025. So much for security, right?
Coinbase’s ongoing user losses paint a bleak picture. As scams rise, one has to wonder: when will someone step up and actually prevent this chaos? Because right now, it looks like a free-for-all in the crypto world.
