Coinbase users have been hit with an alarming $45 million in thefts over the past week due to a wave of social engineering scams, according to blockchain investigator ZackXBT. The onchain analyst said the attacks are part of a larger pattern, with Coinbase standing out as the primary target among major crypto exchanges. He estimated total losses from similar scams to be as high as $330 million annually, underscoring what he described as a Coinbase-specific vulnerability.

These scams often involve attackers impersonating Coinbase support staff to trick users into handing over sensitive data. In one such incident in mid-2024, scammers drained $1.7 million from a single Coinbase customer by posing as technical support. Despite repeated warnings, the attacks have only become more sophisticated.

The FBI has been sounding the alarm on this trend. In August 2024, it issued a nationwide warning against social engineering schemes aimed at crypto users. By September, the agency identified tactics involving fake job offers, malware disguised as employment tests, and phishing emails mimicking crypto platforms. Most recently, in March 2025, users began receiving fake withdrawal requests masked as official exchange notifications.

The threat has drawn concern from Coinbase leadership. Chief security officer Phillip Martin has urged the creation of a unified framework to better track, report, and mitigate such scams across the industry. While other exchanges appear to be less affected, the ongoing assault on Coinbase users raises serious questions about the platform’s user protections and scam response systems. As crypto adoption grows, so does the risk for unsuspecting users facing increasingly deceptive and well-coordinated fraudsters.