Coinbase Users Suffer $45 Million Loss to Social Engineering Scams

A troubling trend of social engineering scams targeting Coinbase users has resulted in a staggering $45 million loss last week. Blockchain expert ZachXBT uncovered connections between these thefts and recurring phishing operations, urging Coinbase to strengthen its verification processes. The attacks exploit weaknesses in Coinbase’s user verification and compliance systems. This latest wave of theft follows a pattern observed over the past year, with a reported $300 million lost to similar scams. 💰