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Coinbase

What The?! $400 Million Gone! Insider Phishing Attack Shakes Coinbase

Christian Encila
by Christian Encila
5 months ago
·
Posted in Coinbase
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Coinbase, the world’s third‑largest crypto exchange, faced a serious threat when outside attackers tried to extort $20 million in Bitcoin. The group paid off a small number of overseas support agents, initial reports disclose. Those insiders then leaked personal account details. No passwords or private keys were taken, Coinbase said. The crypto exchange’s Prime Accounts also escaped harm. Still, less than 1% of the company’s monthly active traders saw some of their data exposed.

Related Reading: Sell-Off Begins? Trump Token Sees Cash-Outs Before Memecoin Dinner

Inside Support Team Access

According to Coinbase, a handful of customer‑support contractors were offered bribes to tap into internal tools. They used their access to pull out names, email addresses and limited transaction records. Only a small slice of users were affected. But even a minor leak can fuel more scams. Criminals often use stolen information to target victims with custom tricks.

Coinbase falls prey to phishing attack. Image: C&S Specialty Underwriters

Coinbase Says It Won’t Give In

Based on reports, the hackers demanded 20 million dollars’ worth of Bitcoin to keep silent. But, Coinbase made it clear: it would not pay that kind of money. Instead, the company announced a $20 million‑dollar bounty for anyone who helps nail those behind the plot. That move flips the script. It puts the spotlight on the crooks and turns them into the hunted rather than the hunters.

BTC is currently trading at $103,293. Chart: TradingView

Funds For Customer Reimbursements

Coinbase also revealed that it plans to set aside between $180 million and $400 million. That cash will cover payouts to people who got tricked by phishing scams. In 2024 alone, the exchange was the most impersonated brand in crypto, making phishing calls and fake emails a constant headache. Users who lost funds to those scammers will get their money back under Coinbase’s program.

Indeed there’s a lot of Coinbase user thefts I posted tied to the group pic.twitter.com/HVO4ENjZ4f

— ZachXBT (@zachxbt) May 15, 2025

Phishing Losses Keep Rising

Blockchain watcher ZachXBT has been raising alarms about phishing costs. He pegged the loss at around $45 million in just one week before May 7. On top of that, he estimates that scams drain over $300 million every year from Coinbase customers. Those numbers show how big the problem has grown. It also explains why Coinbase is committing hundreds of millions to fight back.

Related Reading: Analysis: Saylor’s Bitcoin Play Might Turn Strategy Into Wall Street Gold

Plans To Harden Defenses

Looking ahead, Coinbase says it will tighten data controls and move parts of its support work to new locations. It will also step up staff checks and vetting before agents get access to live systems. On top of that, the exchange aims to boost its fraud‑monitoring tools. Users can expect more alerts when unusual activity shows up on their accounts.

Featured image from ESET, chart from TradingView

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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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