One of the largest cryptocurrency exchanges in the world, Coinbase, is facing criticism after blockchain investigator ZachXBT disclosed that users have lost more than $65 million to social engineering scams in December 2024 and January 2025. A series of attacks has spotlighted critical security weaknesses on the platform and raised serious doubts about Coinbase’s capacity to protect its customers. Meanwhile, as social engineering schemes grow ever more cunning, Coinbase’s response has become a matter of some controversy. How the Scams Work: A Step-by-Step Breakdown Scams that target Coinbase users through social engineering usually involve a carefully orchestrated set of actions
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