Crypto investigator ZachXBT has publicly criticized Coinbase, calling out the favored crypto change for repeated account lockouts and an undisclosed information breach, which he claims led to thefts.
Within the newest tweet, the on-chain sleuth expressed his dissatisfaction and acknowledged that Coinbase had locked him out of his account twice prior to now month with out offering an evidence. He additionally highlighted the corporate’s failure to transparently disclose a latest breach that uncovered buyer information, which allegedly led to monetary losses for some customers.
Whereas acknowledging that Coinbase provides aggressive annual share returns on stablecoins, ZachXBT concluded that he couldn’t advocate the platform to others resulting from these unresolved points.
Knowledge Breach, Account Lockouts, and Lack of Transparency
ZachXBT’s feedback come amid rising issues about Coinbase’s dealing with of person safety and help. Regardless of advertising and marketing itself as a safe, clear, and controlled platform, the change has confronted a collection of challenges.
Coinbase, which went public in 2021, has lengthy positioned itself as a gateway to the crypto world for each institutional buyers and newcomers. Nevertheless, incidents just like the one ZachXBT described paint a unique image for extra skilled customers.
This isn’t the primary time ZachXBT slammed Coinbase. He had beforehand lashed out on the change’s management for failing to report theft addresses, present responsive help, or react swiftly to threats. His findings revealed that not less than $65 million was stolen by way of these scams between December 2024 and January 2025.
The scammers allegedly impersonated Coinbase help utilizing spoofed communications to trick customers into transferring funds to compromised addresses. ZachXBT attributed the scams to Indian teams and low-level cybercriminals whereas criticizing Coinbase’s insufficient response.
Coinbase Controversies
This newest remark provides to a historical past of security-related issues for the platform. In 2021, Coinbase customers reported being locked out of their accounts for prolonged durations, usually throughout occasions of excessive volatility available in the market. Many of those customers struggled to get well timed help, resulting in vital monetary losses.
Coinbase confronted accusations of account restrictions final October as effectively. Throughout the identical interval, a number of customers of the platform additionally reported safety threats, with attackers impersonating Coinbase help. A researcher below the pseudonym ‘pcaversaccio’ lashed out at Coinbase’s place on VPNs, which was defended by the platform.
The change’s Senior Director of Product Administration, Scott Shapiro, later clarified that VPNs alone don’t increase flags, however mixed with suspicious exercise, similar to unfamiliar logins, they could immediate safety checks.
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Crypto investigator ZachXBT has publicly criticized Coinbase, calling out the favored crypto change for repeated account lockouts and an undisclosed information breach, which he claims led to thefts.
Within the newest tweet, the on-chain sleuth expressed his dissatisfaction and acknowledged that Coinbase had locked him out of his account twice prior to now month with out offering an evidence. He additionally highlighted the corporate’s failure to transparently disclose a latest breach that uncovered buyer information, which allegedly led to monetary losses for some customers.
Whereas acknowledging that Coinbase provides aggressive annual share returns on stablecoins, ZachXBT concluded that he couldn’t advocate the platform to others resulting from these unresolved points.
Knowledge Breach, Account Lockouts, and Lack of Transparency
ZachXBT’s feedback come amid rising issues about Coinbase’s dealing with of person safety and help. Regardless of advertising and marketing itself as a safe, clear, and controlled platform, the change has confronted a collection of challenges.
Coinbase, which went public in 2021, has lengthy positioned itself as a gateway to the crypto world for each institutional buyers and newcomers. Nevertheless, incidents just like the one ZachXBT described paint a unique image for extra skilled customers.
This isn’t the primary time ZachXBT slammed Coinbase. He had beforehand lashed out on the change’s management for failing to report theft addresses, present responsive help, or react swiftly to threats. His findings revealed that not less than $65 million was stolen by way of these scams between December 2024 and January 2025.
The scammers allegedly impersonated Coinbase help utilizing spoofed communications to trick customers into transferring funds to compromised addresses. ZachXBT attributed the scams to Indian teams and low-level cybercriminals whereas criticizing Coinbase’s insufficient response.
Coinbase Controversies
This newest remark provides to a historical past of security-related issues for the platform. In 2021, Coinbase customers reported being locked out of their accounts for prolonged durations, usually throughout occasions of excessive volatility available in the market. Many of those customers struggled to get well timed help, resulting in vital monetary losses.
Coinbase confronted accusations of account restrictions final October as effectively. Throughout the identical interval, a number of customers of the platform additionally reported safety threats, with attackers impersonating Coinbase help. A researcher below the pseudonym ‘pcaversaccio’ lashed out at Coinbase’s place on VPNs, which was defended by the platform.
The change’s Senior Director of Product Administration, Scott Shapiro, later clarified that VPNs alone don’t increase flags, however mixed with suspicious exercise, similar to unfamiliar logins, they could immediate safety checks.
Binance Free $600 (CryptoPotato Unique): Use this hyperlink to register a brand new account and obtain $600 unique welcome supply on Binance (full particulars).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this hyperlink to register and open a $500 FREE place on any coin!
