According to ChainCatcher, citing BeInCrypto, blockchain investigator ZachXBT revealed that Coinbase users lost at least 150 million USD to social scams over the past year, with this amount being reached solely from cases he independently confirmed.
In the latest case, a user was scammed out of 110 cbBTC (valued at 11.5 million USD) on the Base network. The attacker quickly washed the funds using instant exchanges and cross-platform conversions and bridging operations, making it nearly impossible to trace and recover the funds.
ZachXBT pointed out that such scams are often carried out by impersonating Coinbase customer service, including phishing emails, fake phone calls, and other means to lure users into revealing their private keys or account information. Once successful, the attacker will immediately transfer and control the funds. Additionally, ZachXBT criticized Coinbase for failing to effectively assist victims and noted that its leadership has not adequately addressed security threats.