ZachXBT: A Coinbase user reportedly fell victim to a social engineering attack, resulting in a loss of $11.5 million worth of Bitcoin

January 31st. In the official channel, on-chain detective ZachXBT posted that last month, a user of Coinbase was said to have been targeted in a social engineering attack. As a result, the user suffered a loss of 110 cbBTC, which is worth $11.5 million, on the Base chain. The stolen funds were immediately exchanged through multiple platforms, bridged, and laundered. Then, they underwent a CoinJoin consolidation with funds from other Coinbase victims on Ethereum. Due to data breaches, email/phone fraud, lack of detection, and other reasons, Coinbase's social engineering scams lead to an annual loss of more than $150 million.