Crypto users are being warned about a new wave of phishing emails impersonating popular exchanges, such as Coinbase and Gemini. The fraudulent emails trick users into setting up wallets using pre-generated recovery phrases, giving scammers complete control over their funds.
These emails claim to be from Coinbase, urging users to transition to self-custodial wallets. They provide instructions to download the real Coinbase Wallet but also include pre-generated recovery phrases. If users follow the steps and transfer funds, scammers can access and drain their wallets.
The emails also mention a class-action lawsuit against Coinbase, falsely claiming the court has mandated users to manage their wallets.
One fake email reads:
“Coinbase will operate as a registered broker, allowing purchases, but all assets must move to Coinbase Wallet.”
However, the US SEC dropped its lawsuit against Coinbase, dismissing allegations that the exchange was an unregistered broker.
Coinbase is aware of the scam and has issued a warning. In a post on X, the exchange stated:
“We will never send you a recovery phrase, and you should never enter a recovery phrase given to you by someone else.”
Gemini users are also being targeted with similar fake emails. The emails claim a recent court decision requires them to create new wallets using the same recovery phrase scam.
Gemini was previously sued by the SEC for allegedly offering unregistered securities through its Earn program, but the regulator dropped the case.
Gemini has yet to comment on the phishing attack.
Phishing scams remain one of the biggest threats to crypto users. Blockchain security firm CertiK reports that crypto phishing attacks caused $1 billion in losses across 296 incidents in 2024 alone.
This email scam is just one of several recent attacks on the crypto community. At least three crypto founders recently revealed they stopped an attempt by North Korean hackers to steal sensitive data. The hackers posed as potential partners, arranging fake Zoom meetings before sending malicious links disguised as call redirections.
To stay safe from scammers, always protect your recovery phrase and never use one given by someone else. Verify any suspicious emails directly with the exchange’s official support. Enabling two-factor authentication (2FA) adds an extra layer of security to your accounts. Be cautious of urgent messages, as scammers often use pressure tactics to make you act quickly. Staying vigilant can help you avoid fraud and keep your information secure.
Crypto scams are becoming more experienced, but staying alert can help prevent losses. Always double-check emails, never share your recovery phrase, and report suspicious activity to your exchange. As the crypto space grows, so do the scams—don’t let scammers steal your hard-earned assets.
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