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Coinbase users reportedly lose over $300M yearly via social engineering scams – TON BOT

Coinbase users reportedly lose over $300M yearly via social engineering scams

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Coinbase users lose over $300 million annually to social engineering scams, with $65 million stolen between December 2024 and January 2025. Scammers target victims through fake emails and websites, with some funds traced to a consolidation address. Coinbase faces criticism for security vulnerabilities and lack of timely response to incidents. Measures to improve security include optional phone numbers and enhanced customer support. Despite strengths in stablecoin on/off-ramps and asset recovery tools, Coinbase must do more to prevent financial losses for users.

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