Coinbase & Gemini Users Beware: Massive Phishing Scam Uncovered

Fraudsters are sending fake security alerts, disguised as official messages from crypto platforms, urging users to transfer funds to a “safe” wallet. While these emails seem authentic, they are part of a well-executed phishing scam.

The trick is simple: instead of asking users to generate a new wallet, scammers provide a pre-created seed phrase. The moment funds are sent to this wallet, scammers seize full control, leaving victims with nothing.

To intensify the scam, phishing emails reference legal cases. One fraudulent message claims a class-action lawsuit against Coinbase requires users to withdraw their assets—a complete fabrication, as the case has already been dismissed.

Similarly, scammers posing as Gemini representatives cite lawsuits tied to staking rewards, urging users to switch to a new storage method. The goal in both cases is identical: trick users into handing over their crypto.

Community and Exchange Response to Phishing Attacks

Numerous Coinbase and Gemini users have reported receiving multiple phishing emails, often designed to look like official exchange notifications. The majority of these scams were easy to identify, as they were sent from unofficial domains. Other key warning signs included high-pressure language and urgent deadlines, meant to push victims into hasty decisions—a telltale sign of fraud.

Coinbase has officially confirmed the phishing attack and reminded users that it never requests direct asset transfers. The exchange has urged users to stay alert, avoid manipulative tactics, and rely solely on official Coinbase communication channels for news and security updates.

Check this out: Crypto Heist 101: How Hackers Steal Millions in Crypto

Cybersecurity experts at CertiK have warned that phishing attacks continue to inflict massive financial losses on crypto users. In 2024 alone, cybercriminals stole over $1 billion through these schemes, underscoring the severity of the threat. Some of the largest crypto heists have been linked to Lazarus, a notorious North Korean hacker group.

Given the scale of recent phishing campaigns, it's likely that scammers will soon expand their tactics to impersonate other platforms. Users should remain cautious, avoid interacting with suspicious emails, and never transfer funds to wallets they did not create themselves. Additionally, enabling two-factor authentication (2FA) is essential for security.

Read on: What is a Wallet Address and How Can You Protect It?