Coinbase users may have lost as much as $46 million to online scams over the past two weeks as cryptocurrency prices surged. Scams like address poisoning and wallet spoofing trick victims into sending assets to fraudulent wallets.
According to blockchain investigator ZachXBT , multiple wallets associated with Coinbase were targeted, with one suspected theft of 400 Bitcoin ($82,022) from a single wallet address.
A suspected Coinbase user lost $34.9 million (400,099 BTC) on March 28. Investigators discovered several other thefts over the past two weeks, bringing the total stolen this month to more than $46 million.
Jaclyn Sales , Coinbase communications director, said the company is investigating ZachXBT ‘s claims .
She stressed that Coinbase never asks for login credentials, API keys, two-factor authentication codes, or transfers of funds, warning users to be wary of impersonation scams.
Scammers continue to impersonate top brands
Scammers often impersonate major global brands to create a false sense of trust in their victims.
Coinbase is the most impersonated brand in the crypto industry by scammers, but Meta is still 25 times more common. The world’s third-largest cryptocurrency exchange with over $1.6 billion in daily trading volume, Coinbase recommends users secure their accounts with dedicated emails, two-factor authentication, an authorized address list, and Coinbase Vault .
History of losses due to scams at Coinbase
ZachXBT said more than $65 million may have been stolen from Coinbase users between December 2024 and January 2025 in a “ highly credible theft .” He noted that the actual figure could be higher because the data is based only on direct messages and on-chain thefts, not including reports from Coinbase and police.
