Blockchain analyst ZachXBT has reported that over $46 million in suspected scams targeting Coinbase users occurred in March.

These scams and losses include a single $34.9 million Bitcoin theft. The analyst shared details on Telegram, identifying multiple transactions linked to stolen funds, which were bridged from Bitcoin (BTC) to Ethereum (ETH) and converted into DAI (DAI).

According to ZachXBT, the largest scam involved 400.099 BTC ($34.9M), with additional thefts on March 26 (60.164 BTC), March 25 (46.147 BTC), and March 16 (20.028 BTC). 

The stolen assets were moved through Thorchain and Chainflip before conversion. He also criticized Coinbase for not flagging these addresses in its compliance tools.

“Coinbase has not flagged any of the theft addresses from these victims in compliance tools,” the analyst wrote on Telegram. 

ZachXBT noted that this issue has been ongoing, referencing his previous investigation into $65 million stolen from Coinbase users between December 2024 and January 2025. 

He claimed Coinbase is facing a growing social engineering scam problem, estimated at $300 million per year.