ZachXBT: Coinbase users lose over $65m in widespread scams

In a shocking revelation, renowned crypto sleuth ZachXBT has exposed a string of scams targeting Coinbase users, resulting in tens of millions of dollars in losses between December 2024 and January 2025 alone. The disturbing findings were shared in a viral thread that has garnered millions of views, sparking widespread concern and calls for action.

“Tens of millions lost to scams on Coinbase in just one month. Is the exchange doing enough to protect its users?”

A Web of Deceit: Uncovering the Scams

ZachXBT, in collaboration with zeroShadow web3 security, laid bare the details of the scams, which allegedly exploited vulnerabilities in Coinbase’s system. The source revealed that the scammers employed sophisticated tactics, including phishing and social engineering, to trick unsuspecting users into parting with their funds.

The crypto sleuth’s thread provided a blow-by-blow account of the scams, highlighting the ease with which the scammers were able to operate undetected. The source indicated that the lack of effective security measures and inadequate customer support from Coinbase exacerbated the situation, leaving users vulnerable to the scammers’ tactics.

A Call to Action: Will Coinbase Respond?

ZachXBT’s exposé has sparked a heated debate about the responsibility of cryptocurrency exchanges in protecting their users. The source explained that Coinbase’s inaction has emboldened scammers, who continue to target the platform’s users with impunity.

As the crypto community waits with bated breath for Coinbase’s response, one thing is clear: the exchange must take immediate action to address the security concerns and prevent further losses. The question on everyone’s mind is: will Coinbase heed the call and take concrete steps to safeguard its users, or will it continue to turn a blind eye to the scams? Only time will tell.

See also  Crypto Conman Ordered to Repay Millions

Tens of Millions Lost: Crypto Sleuth Calls Out Coinbase Over Scams

Source: Zachxbt Coinbase Users Lose Over 65m In Widespread Scams | Crypto.news

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