Researcher ZachXBT Exposes $2 Million Coinbase Impersonation Scheme

Prominent blockchain investigator ZachXBT has dismantled a sophisticated fraud network operated by a Canadian perpetrator identified as Haby (also known as Havard). The scam, originating from Abbotsford, defrauded victims of approximately $2 million through elaborate impersonation tactics targeting major cryptocurrency platforms.

The Fraud Mechanism

The fraudster leveraged advanced social engineering techniques to convince victims they were interacting with legitimate Coinbase representatives. The operational strategy combined account takeovers with persuasive communication, creating a multi-layered deception that successfully bypassed users’ initial defenses.

Investigation & Fund Tracing

ZachXBT’s forensic analysis proved instrumental in exposing the scheme’s scale and sophistication. By tracking wallet movements and cross-referencing social media footprints, the researcher constructed a comprehensive map of the illicit activities. The investigation revealed that stolen funds were immediately liquidated through luxury spending and gambling channels, indicating deliberate efforts to obscure the money trail.

Extended Criminal Activity

Beyond the primary scam operation, the perpetrator stands accused of orchestrating false police reports, suggesting a pattern of systematic deception extending beyond financial fraud. This behavior demonstrates a calculated approach to evading law enforcement detection.

Broader Security Context

This $2 million breach arrives against the backdrop of the cryptocurrency industry’s ongoing vulnerability to coordinated attacks. Earlier this year, a separate sophisticated exploit resulted in the theft of 783 BTC—equivalent to approximately $91 million at the time—underscoring the persistent threats facing digital asset holders and the critical importance of due diligence.

ZachXBT’s contribution highlights the essential role independent researchers play in identifying and documenting large-scale crypto fraud, strengthening the community’s collective defense against evolving scam tactics.