PANews reported on February 2 that according to BeInCrypto, on-chain analyst ZachXBT revealed that in the cases he independently confirmed alone, Coinbase users have lost at least $150 million due to fraud in the past year. The latest case is that a Coinbase user lost 110 cbBTC, worth $11.5 million. The stolen cbBTC (Coinbase's wrapped Bitcoin product) was quickly laundered on multiple instant exchanges. The attackers exchanged, bridged, and transferred funds through various platforms, and then integrated them with other stolen assets on Ethereum, making it almost impossible to track and recover the funds.
The incident is part of a growing trend, with multiple Coinbase users suffering similar losses. It is estimated that such scams have stolen at least $150 million from Coinbase customers. Coinbase has yet to comment. However, scams by scammers impersonating Coinbase support have become increasingly common. These attackers use phishing emails, fake phone calls, and other deceptive tactics to trick victims into revealing private keys or login credentials. Once they gain access, they steal wallets, transfer funds, and take control of accounts.
