Blockchain analyst ZachXBT has revealed that in March, more than $46 million was lost to suspected scams targeting users of a prominent cryptocurrency exchange.
Among these fraudulent activities, one significant incident involved the theft of 400.099 BTC, amounting to $34.9 million. The analyst provided insights via Telegram, detailing various transactions associated with the misappropriated funds, which were transferred from Bitcoin (BTC) to Ethereum (ETH) before being converted into DAI (DAI).
ZachXBT highlighted that the most substantial theft comprised 400.099 BTC ($34.9M), with further thefts occurring on March 26 (60.164 BTC), March 25 (46.147 BTC), and March 16 (20.028 BTC).
The misappropriated assets were routed through platforms like Thorchain and Chainflip prior to conversion. He criticized the exchange for failing to block these addresses in its compliance systems.
“There has been no indication from the exchange regarding the flagged addresses involved in these thefts,” the analyst remarked on Telegram.
ZachXBT pointed out that this issue has been persistent, referencing an earlier investigation into $65 million stolen from users of the exchange between December 2024 and January 2025.
He also asserted that the exchange is grappling with an escalating issue of social engineering scams, with losses estimated to reach around $300 million annually.