Coinbase users targeted in suspected USD 46 mln phishing scams

Blockchain investigator ZachXBT cited by Cointelegraph reported that multiple Coinbase-associated wallets were affected, with one incident involving a theft of 400 Bitcoin (approximately USD 34.9 million) from a single address. 

Scammers employed tactics such as address poisoning and wallet spoofing, which involve deceiving users into transferring funds to fraudulent addresses that closely resemble legitimate ones. A screenshot from blockchain explorer Blockchair highlighted the large-scale Bitcoin theft, further supporting these claims. 

The rise in cryptocurrency prices has led to increased activity from bad actors in the industry. A representative from Coinbase stated that the company is aware of the claims and is investigating the matter. 

The company official noted that Coinbase will never contact users to request login credentials, API keys, or two-factor authentication codes, nor will it ask users to transfer funds. Users were advised to ignore any such requests, as they are indicative of fraudulent activity. 

Coinbase has frequently been a target of impersonation scams, where fraudsters exploit the company's reputation to gain victims' trust. However, industry data suggests that Meta has been impersonated at a significantly higher rate than the cryptocurrency exchange.

Previous phishing incidents and security recommendations

This is not the first time Coinbase users have been targeted. Between December 2024 and January 2025, more than USD 65 million in digital assets may have been stolen from users in what blockchain investigators labelled ‘high confidence thefts.’ Due to limitations in data sources, the actual amount lost could be significantly higher. 

Beyond phishing, other types of crypto scams continue to plague the industry. So-called ‘pig butchering’ schemes, where victims are manipulated over time into making fraudulent transfers, resulted in over USD 5.5 billion in losses across 200,000 identified cases on the Ethereum network in 2024, according to security firm Cyvers. 

To mitigate risks, Coinbase has advised users to implement additional security measures, including two-factor authentication, a dedicated email account for crypto transactions, an address allowlist, and the use of Coinbase Vault for improved asset protection.