Renowned crypto investigator ZachXBT discovered significant losses among Coinbase users, linked to social engineering attacks that resulted in the theft of over 400 bitcoins. These incidents highlight emerging threats within cryptocurrency platforms.
Uncovering Coinbase Losses
ZachXBT disclosed a loss of over 400 bitcoins for a Coinbase user due to social engineering attacks. These attacks intentionally targeted users of the cryptocurrency exchange, increasing threats in Q1 2025.
Methods of Transfer of Stolen Assets
The stolen bitcoins were transferred from Bitcoin to Ethereum blockchain using THORChain and Chainflip bridge tools. These innovative methods helped conceal the culprits' actions and trace the assets' further path.
Consequences and Warnings
ZachXBT reported several similar incidents, with over $46 million stolen. Data leaks on exchanges have been observed in previous months, emphasizing the need for enhanced security measures. Users must remain vigilant against social engineering techniques to protect their assets.
The increasing number of threats in the crypto space requires users to stay alert and respond promptly to new risks. Attacks, like those identified by ZachXBT, continue to stress the importance of awareness and caution in today's digital world.
