The phone rings and it’s a number you don’t recognize. You answer and there’s a friendly yet concerned voice on the other end. The caller says they’re from Coinbase, your account is in danger, and they’re here to help. The trap is set.

In recent months, many bitcoin and crypto holders have been the target of a series of phishing and social engineering attempts related to their Coinbase accounts.

As much as $300 million in assets has been lost in these scams, including $65 million in December 2024 and January 2025, according to researcher ZachXBT.

In addition to the above, many customers are having the opposite problem. Their assets are secure at Coinbase, but they can’t withdraw them due to account restrictions. In this overview, we’ll discuss what you should know to protect yourself and your assets.

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