Coinbase has reported significant losses due to phishing attacks, resulting in users losing approximately $46 million.
Phishing attacks on Coinbase
In recent weeks, Coinbase users have lost $46 million due to suspected phishing scams. Scammers employ methods such as address poisoning and wallet spoofing to trick victims into sending assets to fraudulent addresses. Blockchain investigator ZachXBT reports that several Coinbase-linked wallets have been targeted this month. One theft example involved 400 Bitcoin stolen from a single wallet.
User protection methods
Coinbase warns users of the importance of security measures. The platform will never request your login credentials, API keys, or two-factor authentication codes. Users should use a dedicated email account, enable two-factor authentication, set up an address allowlist, and utilize Coinbase Vault for additional security.
History of phishing losses
From December 2024 to January 2025, Coinbase users suffered losses of over $65 million due to phishing. ZachXBT suggests the true amount may be significantly higher as his data was limited to private messages and on-chain thefts.
Phishing attacks continue to pose a substantial threat to cryptocurrency platform users. Continuous education and security measures are essential to minimize asset loss risks.
