Users lost $6.7 million from Coinbase and Kraken.

A user with accounts on Coinbase and Kraken has been targeted by a mining rig, with reported losses totaling $6.7 million.

The incident attracted attention because it showed that security risks are not limited to a single exchange or asset class, but can spread across multiple platforms simultaneously. The available data also places this incident within the context of the growing trend of crypto hacks and scams in 2026.

The losses were recorded from Kraken and Coinbase.

The incident involves a user with accounts on both Kraken and Coinbase. According to initial analysis, 10.5 BTC and 1,554 ETH, equivalent to $3.3 million, were withdrawn from the Kraken account. Additionally, 34.1 cbBTC worth $2.6 million were also taken from Coinbase.

The total losses were reported at $6.7 million. It is currently unclear how the attackers gained access to the victims' exchange accounts.

The initial developments were then adjusted.

Specter's initial analysis on X-ray suggested the victim may have been targeted in a physical attack. However, this assessment was later revised, and it is now highly likely that no physical attack was involved.

Sometime later, the attacker is believed to have transferred $5.3 million into Tornado Cash to conceal the traces of the stolen funds. The available data does not provide further details about the initial point of entry.

The year 2026 continues to see a high number of mining operations.

This incident occurred amidst a backdrop of persistently high numbers of attacks and scams within the crypto ecosystem in 2026. defillama data shows that the total value of compromised assets peaked at $840.1 million.

April alone saw nearly 30 incidents, with total losses amounting to $634.85 million. Prior to that, several other incidents were also mentioned, including the Verus-Ethereum bridge exploit, unauthorized access cases related to GitHub, and the compromise of 14 Bankr wallets.

Points to watch

With no further details available regarding the intrusion mechanism, it's currently difficult to conclude whether this was a fault on the exchange's side, the user's device, or some other intermediary step. However, the fact that a victim was affected on multiple platforms simultaneously is still a significant indicator of account security risks.

In the crypto market, incidents like this often highlight the importance of key governance, validation, and how assets are held across multiple layers of infrastructure. In the short term, investors will continue to monitor aggregate data on hacks and related on-chain tracing efforts.

Summary

The exploit targeting Coinbase and Kraken users resulted in $6.7 million in losses and reflects the continued high level of security risk in the crypto ecosystem in 2026.