A Coinbase user has reportedly lost 110 cbBTC, valued at $11.5 million. The loss occurred after the user fell victim to a social engineering scam on Base, the Ethereum layer-2 network backed by the exchange.

On January 31, blockchain investigator ZachXBT uncovered the exploit, linking it to a broader pattern of fraud affecting Coinbase users.

ZachXBT Exposes $150 Million Stolen in Growing Coinbase Fraud Crisis

According to ZachXBT, the stolen cbBTC—Coinbase’s wrapped Bitcoin product—was swiftly laundered across multiple instant exchanges. The attacker swapped, bridged, and moved the funds through various platforms before consolidating them with other stolen assets on Ethereum. These actions make recovery nearly impossible.

The investigator pointed out that this incident is part of a growing trend, with multiple Coinbase users suffering similar losses. He estimates that scams of this nature have drained at least $150 million from Coinbase customers.

“Coinbase has a serious fraud problem. I just uncovered many more recent thefts from Coinbase users. The $150 million stolen from Coinbase users in a year is just from thefts I independently confirmed. So it’s more than likely multiples of this number,” ZachXBT stated.

Coinbase has not yet commented on the latest exploit. However, scams involving fraudsters impersonating Coinbase support have become increasingly common.

These attackers use phishing emails, spoofed calls, and other deceptive tactics to trick victims into revealing private keys or login credentials. Once they gain access, they drain wallets, move funds, and take control of accounts.

Last December, a Coinbase Co

Go to Source to See Full Article
Author: Oluwapelumi Adejumo