Recent reports indicate that Coinbase users have lost over $65 million to social engineering scams in just two months, as highlighted by blockchain investigator ZachXBT. This alarming figure underscores the growing threat of phishing attacks and the need for enhanced security measures within the cryptocurrency exchange.

Scammers have employed tactics such as spoofed emails and fake websites that closely mimic Coinbase's interface, tricking users into revealing sensitive information and transferring funds to fraudulent accounts. ZachXBT warns that the actual losses could be even higher, as many incidents go unreported.

To combat these issues, he urges Coinbase to implement stronger protections against such attacks, including making phone number verification optional for KYC-verified users and creating a restricted account type for beginners.

Let’s prioritize security and awareness in our crypto dealings!

#Coinbase #CryptoSecurity #SocialEngineering #PhishingScams #ZachXBT