Over $46 million in Coinbase user frauds reported in current month: ZachXBT

Blockchain expert ZachXBT has revealed that scams allegedly targeting Coinbase users resulted in over $46 million in losses during March.

These fraudulent activities and associated losses encompass a single Bitcoin theft amounting to $34.9 million. The analyst disclosed information on Telegram, highlighting multiple transactions connected to the illicitly obtained funds, which were transferred from Bitcoin (BTC) to Ethereum (ETH) and then converted into DAI (DAI).

ZachXBT specified that the most significant scam concerned 400.099 BTC ($34.9M), with further thefts happening on March 26 (60.164 BTC), March 25 (46.147 BTC), and March 16 (20.028 BTC).

The purloined assets were channeled through Thorchain and Chainflip prior to conversion. Additionally, he criticized Coinbase for not flagging these addresses in their compliance tools.

"Coinbase has not identified any of the theft addresses linked to these victims in compliance tools," as stated by the analyst on Telegram.

ZachXBT pointed out that this problem has persisted, referring to his earlier examination into $65 million stolen from Coinbase users from December 2024 to January 2025.

He asserted that Coinbase is grappling with an increasing social engineering scam issue, estimated to be worth $300 million annually.