Over $46 Million in Suspected Scams Targeting Coinbase Users Occurred in March

Blockchain analyst ZachXBT has reported that over $46 million in suspected scams targeting Coinbase users occurred in March.

Blockchain analyst ZachXBT has reported that over $46 million in suspected scams targeting Coinbase (NASDAQ:COIN) users occurred in March, the largest of which saw $34.9 million in Bitcoin stolen.

The analyst shared details on Telegram on Thursday, identifying multiple transactions linked to stolen funds, which were later bridged from Bitcoin (BTC) to Ethereum (ETH) and converted into DAI (DAI).

According to ZachXBT, the largest scam occurred on March 15 and involved 400.099 BTC ($34.9M), which was stolen from a Coinbase user. The analyst added that Coinbase had not flagged any of the theft addresses in its compliance tools.

“Coinbase has not flagged any of the victims’ theft addresses in compliance tools,” ZachXBT wrote on Telegram.

The stolen assets were later moved through Thorchain and Chainflip before being converted to DAI.

March 26 also saw 60.164 BTC stolen from a Coinbase user, which was later bridged via Chainflip and converted to DAI. The stolen assets were later moved to a new address.

A third scam on March 25 saw 46.147 BTC stolen from a Coinbase user, later bridged via Chainflip and converted to DAI.

A fourth scam on March 16 saw 20.028 BTC stolen from a Coinbase user, later bridged via Chainflip and converted to DAI.

The analyst noted that this issue has been ongoing, referencing his previous investigation into $65 million stolen from Coinbase users between December 2024 and January 2025.

According to ZachXBT, Coinbase is facing a growing social engineering scam problem, with an estimated $300 million per year being scammed from users.