ZachXBT, a renowned blockchain investigator, appears not done with crypto exchange Coinbase over lapses in their security system leading to scams. The crypto detective in a “thread” on X detailed how many users have become victims of social engineering attacks on Coinbase.
ZachXBT stated that users have lost over $300 million from these socially engineered exploits.
How the Crypto Scam Works
ZachXBT’s investigations revealed that the scammers employ spoof calls and impersonation of the crypto exchange support team. They also sent phishing emails to lure users into compromising their accounts, as in the Ledger incident in December 2024. They also use leaked personal data to gain users’ trust.
To sound convincing, the fraudsters have faked Coinbase’s website and emails, which are difficult to tell apart to the casual observer. The malicious actors then get the potential victims to “verify” their accounts through their private keys.
This required the would-be victim to trans
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