Crypto detective ZachXBT reported the discovery of 14 fraudulent addresses that stole $45 million from users’ accounts on the cryptocurrency exchange Coinbase within a week. The perpetrators employed social engineering schemes that allowed them to deceive trusting users, yet the exchange itself has not taken any action in response to this incident.
This is reported by Business • Media
Losses and Scale of Thefts
According to ZachXBT’s analysis, losses for Coinbase users in March 2025 have already exceeded $90 million. The criminals used 14 addresses to steal funds, converting the stolen bitcoins into DAI tokens through the THORChain and Chainflip networks via cross-chain bridges. It is known that on March 28, 400 BTC were stolen from one of the accounts, which at the time of the transaction was worth approximately $34.9 million.
“Interestingly, no other major cryptocurrency exchange has a similar level of social engineering problems,” said ZachXBT.
Previous Theft Incidents
- March 26: 60.16 BTC;
- March 25: 46.15 BTC;
- March 16: 20.02 BTC.
Despite numerous thefts, Coinbase has not added any of the identified addresses to its risk list in its fraud detection systems. This, according to the crypto analyst, calls into question the effectiveness of the existing user protection measures. ZachXBT has also previously pointed out flaws in the “know your transaction” and “know your customer” procedures, emphasizing the need for government regulation of the crypto industry, even despite potential negative consequences.