A great vulnerability in the crypto currency world is on the agenda. Famous Blockchain researcher Zachxbt revealed that the users of the giant stock market lost $ 300 million with social engineering fraud. Frauds, fake calls and e-mails with users by deceiving their accounts. So, how did this great vulnerability occur and why didn’t Coinbase take precautions? Here are the details!
How were users deceived?
According to Zachxbt’s research, fraudsters mimically imitated the Coinbase customer support team. They sent phishing e-mails to users and seized their authentication with fake websites.
The scammers asked the victims to transfer their special keys or funds to a Coinbase wallet to “verify their accounts. At this stage, users’ safety was completely endangered and millions of dollars were stolen. In particular, investors in the USA was the main target of these attacks.
65 million dollars in the last 2 months has become steam!
Coinbase users suffered over $ 65 million only between December 2024 and January 2025. This figure is expected to be much higher with losses that are not reflected in the official reports.
Zachxbt says Coinbase failed to track the addresses used by scammers. The addresses of the scammers are not reported to the appropriate tracking systems. This leads to more attacks by losing traces of criminals.
Coinbase couldn’t prevent the vulnerability?
According to Zachxbt, Coinbase’s current risk management model failed. Users reported that their accounts are restricted for safety reasons, and fraudsters turned this situation to their advantages.
In addition, a Coinbase employee said that the use of VPN can be perceived by the stock market as a suspicious movement. However, fraudsters already block VPN access on phishing sites. This shows that Coinbase wrongly analyzes the security vulnerabilities.
New Description from Coinbase CEO: Infrastructure will be strengthened!
Coinbase CEO Brian Armstrong announced that they will make infrastructure updates to increase the safety of the platform. However, this update is mostly related to the transaction delays in the Solana network.
Coinbase, Trump and Mellania tokens with the release of the release of a great congestion in the operation. This event once again demonstrated that the technical capacity of the stock market should be strengthened.
Coinbase Users should be careful!
This shows that crypto investors should not trust the security systems of stock exchanges. Users should never share their special keys with anyone and should be careful against their calls for fake customer support team. How Coinbase will close this gigantic vulnerability.
