Coinbase users have reportedly lost over $46 million to phishing scams in March 2025.
These scams often involve techniques such as wallet spoofing and address poisoning. Fraudsters trick users into sending funds to addresses that closely resemble legitimate ones. ZachXBT’s investigation found that these tactics have led to a substantial increase in losses among Coinbase users.
A similar wave of phishing scams in late 2024 and early 2025 resulted in more than $65 million in stolen assets, with the actual total likely much higher. ZachXBT noted that the figures only account for on-chain thefts and data received through direct messages, excluding incidents not reported to Coinbase or law enforcement. This raises concerns about the scope of the problem, with some estimating that losses could exceed $300 million per year if these phishing scams continue.
Coinbase has confirmed that it is investigating the matter. Jaclyn Sales, a Coinbase spokesperson, clarified that Coinbase employees will never ask users for login credentials, API keys, or two-factor authentication codes. She urged users to remain cautious of anyone impersonating the platform, especially if they ask for sensitive information or request fund transfers. Despite these warnings, skepticism about Coinbase’s ability to prevent such scams remains high. ZachXBT pointed out that affected addresses have not been flagged in Coinbase’s compliance systems.
To bolster security, Coinbase has suggested that users enable two-factor authentication, use a dedicated email address for their Coinbase account, set up an address allowlist, and store funds in the Coinbase Vault. However, many users are still questioning the effectiveness of these measures.
Pig butchering scams, where fraudsters build long-term relationships with victims before coercing them into sending money, have also been a growing concern. According to Cyvers, these scams led to over $5.5 billion in losses on the Ethereum network in 2024. These evolving tactics continue to highlight the need for better security in the cryptocurrency space.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
