ZachXBT revealed that 45 million USD was drained from Coinbase users due to scams. Customers were tricked into making transfers through spoofed sites and manipulated emails. Analysis suggests annual losses of around 300 million USD related to these scams.
Coinbase has been identified as a prime target for scammers who use platforms like Telegram to distribute fraudulent tools. The lack of adequate security measures to flag suspicious activity has raised concerns about user safety.
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