Coinbase users (COIN) are being relentlessly targeted by social engineering scams, with a shocking $45 million reportedly stolen in just the last week, according to on-chain detective ZachXBT. This figure represents the latest in a series of scams that have been plaguing Coinbase users. The growing concern in the crypto community has intensified, especially with Coinbase set to report its Q1 earnings today.
Social Engineering Scams Hit Coinbase Hard
ZachXBT has been tracking these scams for months, and his findings suggest that Coinbase is uniquely vulnerable to these types of attacks compared to other major exchanges. In a recent statement, he revealed that “no other major exchange has the same problem,” highlighting the severity of the issue.
The $45 million lost in the past seven days is part of a broader trend, with ZachXBT estimating that Coinbase users lose a staggering $330 million annually due to social engineering tactics. These scams often involve sophisticated methods to trick users into handing over their private information or transferring funds to scammers posing as legitimate support staff or crypto services.
FBI Sounds Alarm on Growing Scam Trend
The FBI has also weighed in on the growing threat, issuing multiple warnings over the last year about scammers targeting crypto users. In one high-profile incident from 2024, scammers posing as Coinbase support staff managed to steal $1.7 million from a single user. The FBI’s warnings have since expanded, with specific mentions of North Korean state-backed hacking groups using fake job offers and malicious software to deceive users into giving away funds.
More recently, in March 2025, scam emails imitating legitimate communication from exchanges began flooding inboxes, urging users to withdraw their funds to external wallets. This escalation has prompted Coinbase’s chief security officer, Phillip Martin, to call for more streamlined methods to report and combat scams, suggesting that a unified system for tackling scams could help curb the growing crisis.
Is Coinbase a Good Stock to Buy?
Coinbase currently holds a Moderate Buy rating based on 22 analyst reviews. The average 12-month COIN price target sits at $270.85, reflecting a 37.8% upside from its current price of $196.56. The highest target is $400, while the lowest is $169.
The stock’s outlook shows mixed sentiment. While analysts are optimistic about Coinbase’s position in the crypto market, there’s caution due to industry volatility and competition. Coinbase’s efforts to tackle security issues and scams could be key, but market uncertainty remains a significant factor.
