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- ZachXBT traced an alleged $2M Coinbase support scam using onchain and social data.
- The scheme relied on social engineering, not technical exploits.
- Users are urged to avoid cold calls and never share credentials or seed phrases.
A blockchain investigation by onchain analyst ZachXBT has shed light on an alleged social engineering scam that reportedly drained more than $2 million in crypto from Coinbase users. The case highlights how basic operational mistakes by scammers—and growing transparency on public blockchains—can expose illicit activity.
According to ZachXBT, the suspect posed as a Coinbase customer support representative, using social engineering tactics to convince victims they were dealing with a legitimate help desk agent. The funds were allegedly stolen over the past year through carefully orchestrated deception rather than technical exploits.
How the Scam Allegedly Worked
The scheme relied on impersonation and trust. Victims were led to believe they were speaking with official Coinbase support, often through phone calls or follow-up communication on messaging platforms. In one leaked screen recording shared by ZachXBT, the alleged scammer is seen guiding a victim through a fake support interaction.
While detailed mechanics were not disclosed, social engineering scams typically involve manipulating users into revealing sensitive information or authorizing transactions themselves. These attacks bypass technical safeguards by targeting human behavior.
Tracked Through Telegram and Public Bragging
ZachXBT said the suspect was identified by cross-referencing Telegram screenshots, wallet activity, and public social media posts. The alleged scammer reportedly attempted to evade detection by frequently changing Telegram usernames and purchasing expensive, rare handles.
Despite these efforts, the investigator claims the individual repeatedly exposed themselves by boasting online about their lifestyle. Posts and stories allegedly showed luxury spending, gambling, and other activity that made it easier to correlate timelines with blockchain transactions.
ZachXBT also stated that the suspect’s identity and location could be inferred using publicly available information, though those details were not shared publicly.
Also Read: Bitcoin to $70K? Why a Fed Pause Could Shake Crypto in Early 2026
A Costly Lesson in Crypto Security
The case underscores a growing problem in crypto: social engineering remains one of the most effective attack vectors, especially against newer users. Unlike hacks that exploit software vulnerabilities, these scams depend on impersonation, urgency, and misplaced trust.
Security experts consistently warn that legitimate exchange staff will never ask for seed phrases, login credentials, or request users to move funds to private wallets. Cold calls, unsolicited messages, and links should always be treated as red flags.
While blockchain transparency makes it difficult for bad actors to fully erase their tracks, social engineering scams continue to thrive on human error. The alleged Coinbase impersonation case serves as a reminder that vigilance—not technology alone—is often the strongest defense in crypto.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
