Blockchain Sleuth ZackXBT Slams Coinbase Security Shortcomings
A number of X users commented under ZachXBT's post, also accusing Coinbase of restricting users access to their funds on several occassions.
In a recent X post, popular blockchain investigator ZackXBT publicly criticized Coinbase, one of the largest cryptocurrency exchanges, over alleged security shortcomings.
The blockchain sleuth made his accusations after the crypto exchange tweeted “The future of money is more open, free, efficient. And it’s powered by crypto,” on their official page. Triggered by the post, ZackXBT shared his ordeal with the exchange, centering on perceived shortcomings in Coinbase’s security protocols that he believes compromise user asset safety.
“The future of money or more open, free, efficient”
>You have now locked me out of my account twice in the past month for no given reason (again today)
>You had customer data leaked you have yet to transparently disclose (lead to thefts)
I cannot recommend Coinbase as an…
— ZachXBT (@zachxbt) April 6, 2025
X Users Call Out Coinbase
In response to ZachXBT’s accusations, Coinbase made another tweet, claiming to have reached out to him via direct message to resolve the issue. However, this attempt at resolution failed to quell the controversy and instead further aggravated the situation.
The exchange between Coinbase and ZachXBT’s critical response sparked intense controversy online. A significant majority of users on the platform expressed their disapproval of Coinbase, with many accusing the exchange of scamming customers by locking them out of their accounts and restricting access to their funds.
Several users also recommended alternative cryptocurrency exchanges, claiming they offered better services and more secure environments for managing crypto assets.
A Look at Coinbase’s Past Crypto Hacks
ZachXBT’s accusations come amid growing concerns about the safety and security of crypto assets on major exchanges like Coinbase.
In July, Elliot Gunton, a UK-based computer hacker, received a three-and-a-half-year prison sentence for involvement in a phishing scam targeting Coinbase users. Gunton pleaded guilty to conspiracy to commit fraud and money laundering after stealing over $900,000 from more than 500 compromised Coinbase accounts in 2018 and 2019.
However, ZachXBT exposed another crypto scam, also related to Coinbase a few months later. A crypto investor based in New York lost about $6.5 million to scammers who camouflaged as support agents from the crypto exchange.
Nonetheless, ZachXBT’s investigation revealed that the suspected hacker, identified as Ronaldd or Ronald Spektor, contacted the victim, impersonating a support agent, and tricked them into clicking a malicious link and revealing their seed phrase, ultimately resulting in the loss of their life savings.
