Unmasking Crypto Scams: The Vigilant Efforts of ZachXBT
In the expansive world of digital currency, one pseudonymous analyst stands out for his relentless pursuit of justice rather than investment guidance. Known as ZachXBT, this on-chain cryptocurrency expert has carved a niche for himself by exposing the myriad scams and vulnerabilities that plague the crypto ecosystem.
The Role of a ‘Crypto Sleuth’
ZachXBT has earned his reputation by diligently uncovering fraudulent schemes and significant security breaches within the digital asset sphere. His recent investigations have brought to light major incidents, such as a staggering $112 million XRP hack on January 31 and a $35 million breach involving Atomic Wallet in June 2023.
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Ongoing Battle Against Crypto Fraud
Despite his efforts, the fight against crypto-related crimes is far from over. ZachXBT recently reported that a massive $65 million has been illicitly withdrawn from Coinbase over the past few months. This alarming revelation was made public in a February 3 post on the social media platform X.
Safe Wallet Scams and Social Engineering: A Costly Combination for Coinbase Users
In a detailed investigation, ZachXBT, alongside fellow researcher tanuki42, meticulously reviewed Coinbase withdrawal records. By cross-referencing these with data obtained through direct messaging, they identified approximately $65 million in stolen digital assets spanning from December 2024 to January 2025.
User Complaints and Social Engineering Tactics
Many Coinbase users have taken to social media to express concerns over unexpected account restrictions. According to ZachXBT, these restrictions are a consequence of Coinbase’s stringent risk models, which have struggled to prevent users from losing over $300 million annually to social engineering scams.
The modus operandi of these scams typically involves attackers using spoofed phone numbers to contact victims, armed with personal data harvested from private databases. Once trust is established, the scammers inform users of unauthorized login attempts on their accounts.
Victims then receive a fraudulent email, seemingly from Coinbase, complete with a fake case ID. This email instructs them to transfer their funds to a designated wallet and whitelist a specific address, allegedly to verify account security. The cybercriminals further exploit their victims by expertly replicating Coinbase’s website, enabling them to tailor prompts to deceive their targets.
Origins of the Attacks
ZachXBT’s research indicates that these attacks are orchestrated by two primary groups — one known as skids from the Com and another based in India, with both predominantly targeting customers in the United States.
As the crypto world continues to grow, the demand for vigilant watchdogs like ZachXBT remains critical. His work not only highlights the vulnerabilities within the system but also serves as a crucial reminder of the importance of security and skepticism in navigating the digital asset landscape.
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