Coinbase Users Lose $46M in Phishing Scams – How Hackers Are Targeting Crypto

Coinbase users faced massive losses in March 2025, with over $46 million stolen through phishing scams. Blockchain investigator ZachXBT traced several significant incidents, including a major theft of 400.099 Bitcoin worth approximately $34.9 million on March 27. The stolen assets were quickly moved across various blockchains, making them difficult to recover. Other major losses reported included 60.164 BTC on March 26, 46.147 BTC on March 25, and 20.028 BTC on March 16.

Scammers employed sophisticated tactics such as wallet spoofing and address poisoning. These techniques trick victims into transferring funds to fraudulent addresses that closely resemble legitimate ones. According to ZachXBT, this method has contributed to a sharp increase in Coinbase-related thefts.

This surge follows a similar trend from late 2024 to early 2025, when over $65 million in crypto assets were stolen through phishing schemes. However, experts believe the actual figures could be much higher, potentially exceeding $300 million annually if these scams persist. Since the reported numbers only account for on-chain thefts and direct reports, many unreported cases likely remain undiscovered.

Coinbase has acknowledged the issue and is actively investigating the matter. Spokesperson Jaclyn Sales reminded users that Coinbase employees will never ask for login credentials, API keys, or two-factor authentication codes. She urged users to be wary of impersonators requesting sensitive information or fund transfers. Despite these warnings, some question Coinbase’s ability to prevent such scams, as affected wallet addresses have not been flagged in compliance systems.

To enhance security, Coinbase recommends enabling two-factor authentication, using a dedicated email for account activities, setting up an address allowlist, and storing assets in the Coinbase Vault. However, skepticism remains among users about whether these measures are enough to curb the growing threat.

The Growing Threat of Crypto Scams

Phishing scams extend beyond Coinbase, with fraudsters frequently impersonating well-known brands to gain victims’ trust. In 2024, Meta experienced a significantly higher volume of scam attempts compared to Coinbase. Attackers use various methods, including phone number spoofing and fake customer support calls, to deceive users. One particularly devastating case saw a victim lose $850,000 after falling for a fake Coinbase support call.

Another growing concern is pig butchering scams, where fraudsters build long-term relationships with victims before coercing them into transferring funds. Reports indicate that these schemes led to over $5.5 billion in losses on the Ethereum network in 2024 alone. As scam tactics continue to evolve, strengthening security measures and raising awareness remain critical in the cryptocurrency industry.

Authorities and Industry Experts Weigh In

Cybersecurity experts and law enforcement agencies are now working to combat the rise in crypto-related fraud. Some authorities have called for stricter regulations on exchanges and wallet providers to implement more advanced fraud detection systems. Others suggest blockchain analytics firms play a bigger role in tracking stolen assets and preventing scammers from laundering funds.

Industry leaders stress the importance of investor education, urging crypto users to double-check transaction details, verify communication sources, and use hardware wallets for added security. Security professionals recommend setting up transaction alerts, conducting regular security audits, and avoiding clicking on unknown links related to crypto investments.

Securing Crypto from Scams

As more people turn to cryptocurrency, the risks of online scams continue to rise. Platforms like Coinbase need to improve their security to keep up with smarter phishing attacks. But it's not just up to the exchanges—users also have to be proactive in protecting their funds.

While long-term solutions are in the works, the best defense against phishing scams for now is staying aware and cautious. With so much money at stake, both users and the entire crypto industry must stay one step ahead of fraudsters to make the digital asset world safer.

Also Read: Hackers Are Stealing Billions in Crypto—How to Protect Your Money