{"id":23822,"date":"2025-05-09T14:05:56","date_gmt":"2025-05-09T11:05:56","guid":{"rendered":"https:\/\/forklog.com\/en\/fraudsters-steal-45-million-from-coinbase-clients-in-a-week\/"},"modified":"2025-05-09T14:05:56","modified_gmt":"2025-05-09T11:05:56","slug":"fraudsters-steal-45-million-from-coinbase-clients-in-a-week","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/fraudsters-steal-45-million-from-coinbase-clients-in-a-week\/","title":{"rendered":"Fraudsters Steal $45 Million from Coinbase Clients in a Week"},"content":{"rendered":"<p>In the past week, fraudsters have stolen $45 million from Coinbase users through social engineering tactics, <a href=\"https:\/\/t.me\/investigations\/247\">reported<\/a> on-chain investigator ZachXBT.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Over several months, I have documented thefts amounting to hundreds of millions of dollars. No other major crypto exchange has similar vulnerabilities,&#8221; stated the expert.<\/em><\/p>\n<\/blockquote>\n<p>According to ZachXBT on February 3, this is part of a systematic issue at Coinbase: since the beginning of the year, scam victims have lost over $300 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ Over the past few months I imagine you have seen many Coinbase users complain on X about their accounts suddenly being restricted. <\/p>\n<p>This is the result of aggressive risk models and Coinbase\u2019s failure to stop its users losing $300M+ per year to social engineering scams. <a href=\"https:\/\/t.co\/PjtX7vmjqc\">pic.twitter.com\/PjtX7vmjqc<\/a><\/p>\n<p>\u2014 ZachXBT (@zachxbt) <a href=\"https:\/\/twitter.com\/zachxbt\/status\/1886411879939031530?ref_src=twsrc%5Etfw\">February 3, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script> <\/p>\n<p>The attack method remains unchanged: fraudsters pose as support staff, coercing victims to hand over account access or transfer funds to external wallets.<\/p>\n<p>Coinbase&#8217;s Chief Security Officer, Philip Martin, <a href=\"https:\/\/cointelegraph.com\/news\/crypto-scam-reporting-fragmented-needs-one-system-coinbase-cso\">called<\/a> for the creation of a unified registry to track scams. In his view, this would simplify threat analysis and user protection.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This will help direct the resources of the entire federal government towards more active measures to eliminate some of the root causes,&#8221; added Martin.<\/p>\n<\/blockquote>\n<p>Back in March, users <a href=\"https:\/\/u1f987.com\/en\/news\/phishing-emails-impersonate-coinbase-and-gemini-users-warned\">reported<\/a> phishing emails. Fraudsters, posing as Coinbase, offered to move assets to new wallets using pre-generated seed phrases.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the past week, fraudsters have stolen $45 million from Coinbase users through social engineering tactics, reported on-chain investigator ZachXBT. &#8220;Over several months, I have documented thefts amounting to hundreds of millions of dollars. No other major crypto exchange has similar vulnerabilities,&#8221; stated the expert. According to ZachXBT on February 3, this is part of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138,44],"class_list":["post-23822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase","tag-cybercrime"],"aioseo_notices":[],"amp_enabled":true,"views":"54","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/23822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=23822"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/23822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/23821"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=23822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=23822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=23822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}