Coinbase News: $46 Million Stolen from Users in March Due to Scams

In a recent development, Coinbase, one of the largest cryptocurrency exchanges globally, has become the target of sophisticated social engineering scams. These scams have led to significant thefts, with over $46 million stolen from users in March alone.

Coinbase Users Lost $46 Million to Scams in March

Scammers have been targeting Coinbase users with sophisticated social engineering scams, leading to massive thefts. In March alone, over $46 million was stolen from Coinbase users. Despite being one of the world’s largest crypto exchanges, Coinbase has been under scrutiny due to the increasing number of users falling victim to these scams. ZachXBT reported multiple suspected thefts in the past two weeks, bringing the total stolen this month to over $46 million. Coinbase has not flagged any of the theft addresses.

Coinbase User Allegedly Lost $34.9M in BTC to Scammers

A Coinbase user reportedly lost about $34.9 million worth of BTC to scammers, according to crypto investigator ZachXBT. ZachXBT revealed this alleged heist involving 400.099 BTC, which was transferred to an address “bc1qvlustvxhqzee9tgqers4tfungrg6c0fs4u76jf.” He also noticed other suspected thefts involving Coinbase users totaling over $46 million this month. The funds were bridged from Bitcoin to Ethereum via THORChain or Coinflip and subsequently converted to the DAI stablecoin. Coinbase has yet to flag any of the theft addresses in its compliance tools.