Today's Top Crypto Headlines:

Coinbase Phishing Scams | Saylor Buys More Bitcoin | Initia Airdrops 50M Tokens and more...

Author

King Fatrick Gil Añasco
April 01, 2025

Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

  1. Coinbase Phishing Scams $46M: Coinbase users lost over $46M in March, with one victim losing $34.9M. Scammers used address poisoning and wallet spoofing.

  2. Saylor Buys $1.9B in Bitcoin: Michael Saylor’s firm acquired 22,048 BTC, raising its holdings to 528,000 BTC. Despite macroeconomic risks, Strategy remains bullish.

  3. 💡Feature of the Day - Initia Airdrops 50M Tokens: Initia will distribute 50M INIT tokens, rewarding testnet participants. The project is building a multichain L1 and L2 ecosystem, with strong VC backing and over a dozen networks already developing on its stack.


    All this and more in today’s headlines!

📰 News Highlights:

Coinbase Phishing Scam [Source][Source][Source]

Coinbase users reportedly lost over $46 million to phishing scams in March, with $34.9 million stolen from a single user, according to blockchain investigator ZachXBT.

Investigations by ZachXBT

It is suspected a Coinbase user was scammed yesterday for $34.9M (400.099 BTC). Theft address bc1qvlustvxhqzee9tgqers4tfungrg6c0fs4u76jf After uncovering this theft I noticed multiple other suspected thefts from Coinbase users in the past two weeks bringing the total stolen this month to $46M+. Funds from each theft were bridged from Bitcoin to Ethereum via Thorchain / Chainfllip and swapped for DAI. 60.164 BTC - Mar 26 bc1qhc72zfqwqh3e6lns5ay084k29tmqlgw75jsxec 46.147 BTC - Mar 25 bc1qd6v3220v49j0xgmycksze59z90gru46dlxg8ff 20.028 BTC - Mar 16 bc1qd59e296yyr8x4gyr53xt4yjmmgukwemetalcuf Coinbase has not flagged any of the theft addresses from these victims in compliance tools. Last month I posted an investigation on X about how $65M was stolen from Coinbase users in December 2024 - January 2025 and talked about how Coinbase has quietly been facing a $300M / yr social engineering scam problem affecting its users.

t.me/investigations/242

Scammers used techniques like address poisoning and wallet spoofing, tricking victims into sending crypto to fraudulent addresses.

Coinbase has urged users to enable two-factor authentication, use dedicated emails, and avoid sharing credentials to prevent further losses.

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Saylor Buys $1.9B in Bitcoin [Source][Source][Source][Source]

Michael Saylor’s Strategy acquired 22,048 BTC for $1.92 billion despite market concerns linked to Trump’s tariff policies.

The firm now holds over 528,000 BTC worth $43.99 billion, purchased at an average price of $67,485.82 per Bitcoin.

Despite potential macroeconomic risks, Strategy remains bullish on Bitcoin’s long-term value, viewing recent price dips as strategic buying opportunities.

💡 Feature of the Day: 

Initia Airdrops 50M Tokens [Source]

Blockchain project Initia will distribute 50 million INIT tokens, with 90% allocated to testnet participants ahead of its mainnet launch.

The airdrop represents 5% of Initia's total 1 billion token supply.

Eligible users include those who completed onchain tasks and engaged in community-building efforts across Initia’s Discord, Telegram, and X platforms.

😂 Crypto Meme of the Day: 

Meme of the day provided by @trlllll

And that’s it for this today.

See you all tomorrow’s edition!


Jonathan Gibson
UseTheBitcoin.com