According to JackXBT, Coinbase users lost $34.9 billion to scammers on Thursday, March 27. But this isn’t an isolated case. Coinbase users have already lost over $46 million to scammers in March alone.

Scammers are targeting users of exchanges with a long track record of success. Coinbase customers should be wary of social engineering attempts.

Coinbase Scam, Out of Control?

Coinbase , one of the world’s largest cryptocurrency exchanges, is in the spotlight as its users increasingly fall victim to scams . For over a year, a sophisticated social engineering operation has resulted in massive theft.

According to JackXBT, these scammers show no signs of stopping:

“Yesterday, a Coinbase user was allegedly scammed out of $34.9 million. Since discovering this theft, we have uncovered multiple other suspected thefts from Coinbase users over the past two weeks, bringing the total stolen this month to over $46 million. Coinbase has not flagged the addresses of these victims in their compliance tools.” – JackXBT, via Telegram .

JackXBT is a prominent cryptocurrency detective who has been tracking scams against Coinbase users. In the past few months, he has uncovered several large-scale crimes that rely on social engineering instead of direct hacking.

For example, in November last year , criminals posing as Coinbase support stole more than $6.5 million.

This leads him to claim that Coinbase is on the verge of fraud and scams. Last month, JackXBT estimated its annual losses at $150 million , and has now upgraded that to $300 million.

He did not offer a theory about the perpetrator or perpetrators. It could be an organized group, several independent actors, or other possibilities.

However, the exchange’s response to these incidents has been somewhat disappointing. JackXBT claimed that Coinbase did not warn users about these massive scams or cooperate with investigators.

In a recent social media post , he accused Coinbase of being indifferent to these events:

“I have never seen an incident where Coinbase flagged stolen addresses. They are part of the problem and it shows they don’t care about their users.” – JackXBT.

Overall, given the increasing rate of these scams and the massive amounts of funds lost, Coinbase users should definitely be wary of social engineering threats.