Coinbase users collectively lost 65 million USD from phishing scams in December 2024 and January 2025, primarily through fraudulent emails and websites that mimicked the exchange’s interface. Attackers orchestrated these scams by convincing victims to transfer assets under false security pretenses.
Despite being alerted repeatedly about the scams, Coinbase’s response has been inadequate. Users reported difficulty accessing customer support, and many scams went unresolved for weeks. Experts are calling for security reforms to better protect users from these growing threats.