Coinbase Users Lose $46M in Bitcoin to Phishing Scams

Coinbase users have reportedly fallen victim to phishing scams, resulting in losses exceeding $46 million in Bitcoin during March. The scams, which include tactics such as address poisoning and wallet spoofing, involve deceiving users into sending their assets to fraudulent wallet addresses that closely resemble legitimate ones. Blockchain investigator ZachXBT revealed that multiple Coinbase-linked wallets have been targeted this month, with a significant theft of 400 Bitcoin (BTC) from a single wallet address. This incident, along with other suspected thefts, has brought the total amount stolen to over $46 million.

The scams are part of a broader trend where bad actors exploit rising crypto prices to target unsuspecting users. Coinbase, the world’s third-largest centralized cryptocurrency exchange, has been a frequent target for such scams. The exchange has advised users to take several precautions to protect themselves, including using a dedicated email account, enabling two-factor authentication, setting up an address allowlist, and utilizing Coinbase Vault for additional security.

Coinbase has acknowledged the claims made by ZachXBT and is currently investigating the incidents. The exchange has reiterated that it will never call users or ask for their login credentials, API key, or two-factor authentication codes. Users are advised not to transfer funds or provide sensitive information if contacted by someone claiming to be from Coinbase, as it is likely a scam.

The phishing scams targeting Coinbase users are part of a larger issue in the crypto industry, where scammers often impersonate large global brands to create a false sense of trust with victims. While Coinbase was the most impersonated brand by scammers in the crypto industry, other brands such as Meta have also been targeted by scammers. The scams highlight the need for increased vigilance and security measures among crypto users to protect their assets from fraudulent activities.

The history of phishing losses at Coinbase is not new. Over $65 million may have been stolen from Coinbase users between December 2024 and January 2025 in “high confidence thefts,” according to ZachXBT. However, the actual amount stolen could be much higher, as the data was limited to direct messages and on-chain discoveries, which do not account for support tickets and police reports that ZachXBT does not have access to.

Pig butchering scams are another type of phishing scheme that involves prolonged and complex manipulation tactics to trick investors into willingly sending their assets to fraudulent crypto addresses. These scams have cost the industry billions of dollars, highlighting the need for increased awareness and education among crypto users to protect themselves from such fraudulent activities.