Coinbase users are increasingly targeted by hackers, with over $46 million allegedly stolen this month, as reported by renowned analyst ZachXBT. What lessons can we learn from this latest crisis in the crypto world?
March 2025 has been particularly dark for Coinbase users. According to revelations from the renowned blockchain analyst ZachXBT, over $46 million has been stolen this month through a series of scams targeting the platform’s clients.
The most significant of these frauds led to the theft of 400,099 bitcoins, amounting to $34.9 million. The stolen funds were then transferred to Ethereum and converted into DAI, a stablecoin, to conceal their origin. ZachXBT was able to trace these suspicious transactions through his expertise in blockchain analysis.
Unfortunately, this is not the first time Coinbase has faced such attacks. In a previous investigation, the analyst had already highlighted the theft of $65 million between December 2024 and January 2025. He estimates that the platform is dealing with a real problem of frauds through “social engineering,” amounting to nearly $300 million a year.
What particularly concerns ZachXBT is the lack of response from Coinbase to these successive waves of scams. He asserts that the platform has not implemented reporting and blocking systems for addresses related to these thefts in its compliance tools.
By @zachxbt
— Vladimir S. | Officer's Notes (@officer_cia) March 28, 2025
«It is suspected a @coinbase user was scammed yesterday for $34.9M (400.099 BTC).
Theft address
bc1qvlustvxhqzee9tgqers4tfungrg6c0fs4u76jf
After uncovering this theft I noticed multiple other suspected thefts from Coinbase users in the past two weeks bringing…
“Coinbase has not identified any of the addresses involved in these thefts in their compliance tools,” laments the analyst on his Telegram account. This inaction seems even more surprising given that Coinbase presents itself as one of the most secure platforms in the industry.
Faced with this situation, Coinbase users are understandably concerned about the security of their assets. Especially since these massive frauds occur at a time when trust in cryptocurrencies is already significantly shaken by recent market turmoil.
Beyond Coinbase, these new revelations raise broader questions about the security of centralized exchange platforms. Traditionally seen as beacons of security in the crypto ecosystem, they are now facing increasingly sharp criticisms.
Some observers are even questioning the very model of centralized exchanges, arguing that decentralized protocols offer more guarantees in terms of user funds protection. This trend could intensify if scandals of this nature continue to multiply.
Meanwhile, Coinbase will have to take swift measures to restore the trust of its community. Otherwise, the future of the platform could be seriously jeopardized in an industry where reputation is key.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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