Coinbase users lose over 400 Bitcoins worth $33.5 million in social media engineering attacks

ZachXBT observed on his Telegram channel that superior cyber threats against major cryptocurrency exchanges have seen a surge in Q1 of 2025

Crypto sleuth ZachXBT recently highlighted a discovery regarding a Coinbase user losing over 400 Bitcoins, valued at over $33.5 million in present-day cryptocurrency.

Observing superior cyber threats against major cryptocurrency exchanges, especially after March 16, as seen on his Telegram channel.

"The main address used for the illicit transfers is bc1qvl, and it has been linked to the thefts by official investigations, superior cyber threats against major crypto exchanges have seen a huge uptick in Q1 of '25, especially after March 16,suggesting a coordinated effort by specific threat actors or a sudden surge in attacks.

"The theft of Bitcoin saw it transfer from the Bitcoin blockchain to the Ethereum blockchain using a combination of THORChain and Chainflip bridge tools, further complicating matters,suggesting an attempt to obfuscate the stolen funds and move them to another chain, likely for cash-out purposes.

"A Coinbase user lost 400 bitcoin to multiple social engineering attacks that targeted the U.S.-based cryptocurrency exchange users, the blockchain investigator, known online as ZachXBT, said on Monday.

At present-day prices, the stolen cryptocurrency is worth more than $33.5 million.

"The bitcoin theft was transferred from Bitcoin's blockchain to Ethereum's blockchain using THORChain and Chainflip bridge tools, ZachXBT reported.

During his investigation, the sleuth came across numerous other Coinbase user thefts and mentions on Telegram since the first two weeks of March, which resulted in $46M+ worth of stolen assets.

"Fibos Payout: 0xC77E_ also had a huge scam in Dec '24 where they collected 3k+ ETH in a short period, and they're still active today.

"Huge shoutout to the team at Chainflip for working quickly to identify and respond to theళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ళారుళ్ളారు