- ZachXBT claims Coinbase locked his account twice in one month with no explanation provided.
- Users report millions lost in phishing scams linked to Coinbase wallets and possible data leak.
- Despite criticism, Coinbase moves ahead with regulated XRP futures launch on April 21.
Coinbase, one of the leading cryptocurrency exchanges in the United States, is facing criticism from users over repeated account access issues. On-chain investigator ZachXBT, known for tracking suspicious blockchain activity, reported that his Coinbase account had been locked twice within the past month without any explanation.
ZachXBT wrote in response to a Coinbase post on X,
“You have now locked me out of my account twice in the past month for no given reason (again today)”
Another user, @kucoincat, stated that Coinbase locked their account after they posted about problems with sell orders. The user added,
“Turns out you can’t sell at more than a 9x from current prices”
Allegations of Data Leak and Lack of Transparency
In addition to the account lockouts, ZachXBT claimed that Coinbase experienced a customer data breach that has not been publicly disclosed. According to him, the leak may have led to thefts, though specific details of the alleged breach have not been confirmed by Coinbase.
“You had customer data leaked you have yet to transparently disclose (led to thefts),” ZachXBT alleged.
Meanwhile, this statement has raised questions about how Coinbase handles incidents involving user data, especially in light of its regulated status in the United States.
Other users echoed concerns over transparency, suggesting that Coinbase’s current regulatory compliance does not necessarily equate to strong user protections. Despite offering stable yield products, users are now questioning whether the risks outweigh the benefits.
Phishing Scams Linked to Coinbase Wallets
Moreover, the recent blockchain analysis indicates multiple phishing cases have targeted accounts associated with Coinbase wallets. ZachXBT reported that scammers led users to lose $46 million during the past two weeks through combined activities of wallet spoofing and address poisoning strategies. One wallet suffered a major 400 BTC theft that occurred in this notable incident.
Victims fall victim to these scams when scammers deceive them to transmit assets to addresses which imitate authentic wallet accounts. As Bitcoin (BTC) along with additional cryptocurrencies rose in costs, criminals stepped up executive attacks.
Users worry about wallet security because Coinbase maintains ties to customer wallets even though the exchange does not directly oversee fraud activities.
Moreover, the organization failed to issue a formal announcement regarding these particular cons along with their relation to any potential data security incident.
XRP Futures Launch Moves Forward Despite Criticism
Amid ongoing criticism, Coinbase Derivatives is moving ahead with plans to launch XRP futures, as we recently reported. The company has filed with the U.S. Commodity Futures Trading Commission (CFTC) to self-certify the contracts, which are expected to go live on April 21, provided no objections are raised during the review period.
The regulatory changes for XRP occurred shortly before Ripple received its victory after the SEC withdrew its appeal against the company. The regulatory changes have created space for XRP-related organized products while Coinbase remains the second platform after Bitnomial to deliver XRP futures to U.S. customers.
As Coinbase introduces new services through regulated systems customers continue to experience problems accessing their accounts and maintaining visibility into the platform which threatens trust in the company. ZachXBT’s statement, “I cannot recommend Coinbase as an exchange to anyone (even though you offer decent APR on stables),” reflects growing frustration among some users despite the company’s compliance and growth in regulated offerings.
Coinbase has failed to issue an official statement which addresses the user account problems together with the claims of data breach and the phishing attacks against user wallets.
