Coinbase now has many public attention after Zachxbt, a cryptographic investigator, has published news about the shocking fraud of social engineering, which directed Coinbase users, taking up to $ 300 million of losses.
Basically, fraudsters impersonate Coinbase support measures to deceive users to disclose confidential information, such as private keys and information about login. This investigation carried out by ZachxBT brought a modern degree violation, emphasizing the growing dangers in the cryptographic domain.
1/ In the last few months I imagine that you have seen how many Coinbase users complain about X on their accounts suddenly.
This is the result of aggressive risk models and the lack of detention by Coinbase users who lose USD 300 million per year on social engineering fraud. pic.twitter.com/pjtx7vmjqc
– Zachxbt (@zachxbt) February 3, 2025
Zachxbt discovers the scale of social engineering
Social Engineering Fraud has been in the cryptographic world for some time. However, the ZachxBT probe shows that fraudsters utilize clever tactics to cheat Coinbase users. Attacks pretend to be official auxiliary staff to deceive people, to provide them with significant information about their account.
Image: Kaspersky
Many users fell in love with these methods. Although Coinbase has safety networks, fraud shows how basic users can be deceived if they don’t know enough about these dangers.
3/ Let’s get to how these scams of Coinbase social engineering work.
The victim contacted me last month after losing ~ $ 850,000.
Creating theft leads to a consolidation address with over 25 other victims related to the “assembly coin”.
Theft address … pic.twitter.com/y8drxwloo6
– Zachxbt (@zachxbt) February 3, 2025
$ 300 million losed with fraud: scope of fraud
The size of this stunning is disturbing. AND $ 300 million consumer theft He occurred as a result of a social engineering attack. Fraudsters are now qualified in the utilize of people’s trust in cryptocurrencies such as Coinbase.
Apparently Coinbase users lost at least $ 65 million Until the theft in the period from December 2024 to January 2025, the amount excludes police files and Coinbase support tickets, which Zachxbt was unable to obtain.
There are stern repercussions and now there are no clear signs that the fraud has ended. More people can still fall in love with a trap, unless there is an urgent call to act.
BTCUSD trading at $98,796 on the 24-hour chart: TradingView.com
Reaction to coins to growing threats and the need to improve safety
Although Coinbase has not yet disclosed its plans for theft $ 300 million, the company has the history of taking an initiative to protect its consumers by releasing security updates on time.
With the losses of such a size, it is clear that Coinbase will have to improvise security measures to defend against future attacks of this kind. Along with the increased training of users in terms of seeing social engineering methods, the platform will probably pay attention to the improvement of security.
For now, users can protect themselves, enabling two -component authentication and suspecting unmistakable communication, which is a sign of the potential of fraud.
The ZachxBT report on fraud shows how much community involvement is needed in limiting false activities. Both users and platforms must be observed to protect their finances, because the cryptocurrency market is in the face of an raise in danger. And a loss of $ 300 million can only emphasize the importance of having good security for the cryptocurrency sector.
A distinguished picture from Pymnts, chart from TradingView
