Coinbase News: Over $46 Million in Scams Targeting Users Reported in March

A disturbing trend has emerged in the cryptocurrency world, with a significant increase in scams targeting Coinbase users. Here’s a closer look at the recent developments.

$46m in Coinbase User Scams Reported in March

Blockchain analyst ZachXBT reported that over $46 million in suspected scams targeting Coinbase users occurred in March. These scams included a single $34.9 million Bitcoin theft. The stolen funds were bridged from Bitcoin (BTC) to Ethereum (ETH) and converted into DAI (DAI). The largest scam involved 400.099 BTC, with additional thefts reported on March 26, 25, and 16. The stolen assets were moved through THORChain and Chainflip before conversion. ZachXBT criticized Coinbase for not flagging these addresses in its compliance tools.

NASDAQ Exchange Submits Filing to List Grayscale AVAX ETF

The NASDAQ exchange has applied to the U.S. Securities and Exchange Commission to list shares of an Avalanche exchange-traded fund issued by crypto asset manager Grayscale. The 19b-4 form for Grayscale’s AVAX ETF follows its registration as a Delaware Trust entity more than two weeks ago. If approved, the AVAX ETF would use Coinbase Custody as its custodian. AVAX, the utility token of Layer-1 blockchain Avalanche, was recently trading at $20.17, down 8% in the past 24 hours, and is the 17th largest cryptocurrency by market capitalization.