Crypto Scam: ZachXBT Exposes Stolen Funds

What to Know:

• An on-chain investigation has linked a threat actor to over $2 million in thefts from Coinbase users via social engineering scams.
• The broader context involves a surge in social engineering attacks targeting crypto users, resulting in billions of dollars in losses.
• This highlights the importance of security for XRP holders and the need for vigilance against scams when managing digital assets.

A new investigation has uncovered a series of scams targeting Coinbase users, allegedly perpetrated by a single individual. The attacker, known as “Haby,” is accused of using social engineering tactics to steal over $2 million in cryptocurrency. The case underscores the growing threat of fraud in the crypto space and the importance of user vigilance.

Details of the Alleged Scam

According to on-chain investigator ZachXBT, Haby impersonated Coinbase support to trick users into handing over access to their funds. The stolen funds were then reportedly used for various personal expenses, including purchasing rare social media usernames and gambling. The investigation revealed that Haby openly discussed his activities in private group chats, even sharing screenshots of successful thefts.

Tracking the Stolen Funds

The investigator traced the movement of stolen funds, including a significant amount of XRP, by analyzing blockchain transactions and matching wallet balances to screenshots shared by Haby. The stolen XRP was often swapped for Bitcoin using instant exchange services. This allowed the investigator to identify additional Bitcoin addresses connected to Haby and link them to more Coinbase impersonation scams.

Social Engineering Tactics

The investigation highlights the effectiveness of social engineering tactics in the crypto space. Attackers impersonate trusted entities, such as customer support, to deceive users into revealing sensitive information or transferring funds. In one instance, a leaked video allegedly shows Haby actively engaging in social engineering against a victim. The case underscores the need for increased awareness and caution when interacting with online entities claiming to represent crypto platforms.

Broader Implications for the Crypto Market

This incident is part of a larger trend of increasing social engineering attacks in the crypto sector. Reports indicate that billions of dollars have been stolen through such scams. The rise in these attacks highlights the vulnerability of even experienced crypto users to sophisticated deception tactics. As the crypto market matures, the need for robust security measures and user education becomes increasingly critical.

Rising Tide of Crypto Crime

Reports show that the problem extends beyond a single platform. In the first half of 2025, over $2 billion was stolen across the crypto sector, and more than 80% of losses were tied to social engineering and insider-related attacks. One recent case saw a single victim lose 783 Bitcoin, worth about $91 million, after scammers posed as wallet support.

Conclusion

The investigation into Haby’s alleged Coinbase support scams serves as a stark reminder of the risks present in the crypto market. As social engineering tactics become more sophisticated, users must remain vigilant and exercise caution when interacting with online entities. The incident also underscores the importance of collaboration between investigators, exchanges, and law enforcement to combat fraud and protect crypto users.

Related: XRP Lending Signals Crypto Derivatives Data

Source: Original article