Notorious Fraudster Called ZYQ Drains Coinbase for $120 Million Dollars

By: Crypto News Team | Date: April 22, 2025

"This fraud has exposed how vulnerable blockchain platforms are to malicious actors who exploit their trust."

The infamous fraudster known as ZYQ has once again made headlines by draining over $120 million from the cryptocurrency exchange Coinbase. The incident has sparked widespread outrage among investors and security experts alike.

Zyq, an anonymous figure in the underground crypto community, was caught on camera trading large amounts of Bitcoin and Ethereum at extremely low prices during what appeared to be a planned attack. According to cybersecurity analysts, this was a coordinated operation designed to create artificial market volatility and lure investors into losing money.

The attack, which occurred on April 21, 2025, left Coinbase unable to respond effectively. Some users reported losing significant funds while others saw their accounts locked due to suspicious activity. A Coinbase spokesperson stated, "We are conducting an internal investigation and will provide updates as we gather more information."

The case has raised critical questions about the security of major exchanges and the need for stronger measures to protect user funds. Analysts suggest that the event highlights the ongoing challenges faced by the crypto industry in combating fraud and ensuring transparency.

Despite the controversy, ZYQ's actions have been widely praised by those in the crypto space for their role in exposing vulnerabilities in the system. Many investors see this as a necessary step towards improving the safety of digital assets.