---
title: Coinbase Users Reportedly Lose Over $300M Yearly Via Social Engineering Scams
metaTitle: "Coinbase Users Lose 300m to Social Engineering"
description: "On-chain investigator Zach XBT finds that, in 2024, vishing and social engineering attacks collectively cost Coinbase users over $300 million."
slug: coinbase-users-lose-300m-social-engineering
date: "2025-02-03T12:00:00-05:00"
featured: true
image:
  src: "https://cdn.securelogix.dev/slx/images/coinbase-users-lose-300m-social-engineering.webp"
  alt: A robotic hand with bitcoins and cash levitating out of it and into a vortex
sourcePublisher:
  name: CryptoSlate
  url: "https://cryptoslate.com/"
sourceArticle:
  url: "https://cryptoslate.com/coinbase-users-reportedly-lose-over-300m-yearly-via-social-engineering-scams/"
tags: [Vishing, Spoofing]
status: published
---

## The investigator ZachXBT reported two groups abusing social engineering stole $65 million between December 2024 and January 2025.

On-chain investigator ZachXBT recently shared data revealing that Coinbase users lose more than $300 million annually due to social engineering scams.

Over the past few months, numerous users have taken to social media to report sudden account restrictions, which ZachXBT attributed to the exchange’s aggressive risk models and a failure to mitigate ongoing scams.

The investigation, conducted in collaboration with a researcher identified as Tanuki42, analyzed Coinbase withdrawals and direct messages from victims to estimate the extent of thefts across multiple blockchain networks.

Their data suggested that bad actors stole at least $65 million from Coinbase users between December 2024 and January 2025. However, they acknowledge that this figure is likely an underestimation, as it does not account for Coinbase support tickets or law enforcement reports.

One documented case involved a victim who lost approximately $850,000. The stolen funds were traced to a consolidation address tied to more than 25 other victims, which the report labeled “coinbase-hold.eth...”