Odaily News On-chain detective ZachXBT posted on the official channel that last month, a Coinbase user was suspected of being attacked by social engineering and was defrauded of 110 cbBTC (worth $11.5 million) on the Base chain.
The stolen funds were immediately exchanged, bridged, and laundered through multiple platforms, and mixed with funds from other Coinbase victims on Ethereum.
Coinbase’s social engineering scams result in over $150 million in losses per year due to data breaches, email/phone scams, insufficient detection, etc.