A security researcher just uncovered a massive scam involving Coinbase users. It starts with a 400 bitcoin heist – that’s over $33 million.
This researcher, ZachXBT, found multiple thefts from Coinbase users. The biggest one was 400 bitcoin, but there were at least three more.
All these thefts happened in March and add up to over $46 million. The stolen cryptocurrency was moved to Ethereum using tools like THORChain and Chainflip.
Here’s how it works: scammers pose as tech support to gain trust. Then, they steal users’ funds.
ZachXBT shared his findings on Telegram. He noted that despite this being a big theft, it’s part of a larger trend. Coinbase users have seen their funds stolen in similar ways.
The attackers used a bitcoin address, “bc1qvl”, to move the stolen funds. ZachXBT linked this address to at least three more thefts since March 16.
In total, these attacks have stolen over 526 bitcoin, worth more than $46 million.
The stolen cryptocurrency was converted to Ethereum tokens, making it harder to track. Tools like THORChain and Chainflip help move funds between blockchain networks.
This isn’t the first time Coinbase has been targeted. Last year, scammers posed as support staff and stole $234 million in bitcoin from a Gemini user.
These security breaches raise questions about Coinbase’s ability to respond to emerging threats. So far, the company hasn’t commented on these incidents.
ZachXBT has warned about these tactics before. He’s known for tracking down crypto scams and has identified a pattern of using social engineering attacks to steal funds.
The quick transfer of stolen funds to Ethereum and other ecosystems makes it harder to track the money. This is a growing challenge for law enforcement.
Investors who put money into these kinds of assets should be aware of the risks. They could lose everything.