Coinbase users reportedly lost more than $46 million to phishing scams in March 2025. Blockchain investigator Zachxbt traced several major thefts, including 400.099 Bitcoin worth around $34.9 million, which was stolen from Coinbase wallet on March 27th. Other significant losses include 60.164 BTC on March 26th, 46.147 BTC on March 25th and 20.028 BTC on March 16th.
These scams often include techniques such as spoofing your wallet or dealing with addiction. Scammers trick users into sending funds to addresses that are very similar to what is legitimate. A study by ZachxBT found that these tactics significantly increased the loss of Coinbase users.
A similar wave of phishing scams from late 2024 to early 2025 led to more than $65 million in stolen assets, resulting in much higher actual totals. Zachxbt noted that it only considers on-chain theft and data received through direct messages, except for incidents not reported to Coinbase or law enforcement. This raises concerns about the scope of the issue, and some estimates that losses could exceed $300 million a year if these phishing scams continue.
Coinbase confirmed that it is investigating the issue. Coinbase spokesman Jaclyn Sales revealed that Coinbase employees will not request users login credentials, API keys, or two-factor authentication codes. She urged users to be cautious about those impersonating the platform, especially when requesting confidential information or fund transfers. Despite these warnings, skepticism remains high about Coinbase’s ability to prevent such fraud. Zachxbt noted that the affected addresses were not flagged in Coinbase’s compliance system.
To enhance security, Coinbase suggests that users enable two-factor authentication, use a dedicated email address for their Coinbase account, set up address Alowlist, and store funds in Coinbase Vault. However, many users still question the effectiveness of these measures.
Phishing scams are not limited to Coinbase. They often involve scammers who impersonate famous brands to create false trust. For example, in 2024, Meta was targeted by more than 25 times more fraudsters than Coinbase. In addition to addiction, scammers use phone number spoofing and fake customer support calls. One notable case involved a user losing $850,000 after being fooled by a fake Coinbase support call.
The pig slaughter fraud, which forces fraudsters to create long-term relationships with victims before sending money, is also growing concern. According to Cyvers, these scams caused more than $5.5 billion in losses on the Ethereum network in 2024. These evolving tactics continue to underscore the need for better security in the cryptocurrency space.