By Nermeen Nabil Khear 
A new scam alert is making the rounds, tricking people into giving away their funds. If you’ve received an email telling you to move your assets from Coinbase or Gemini to a self-custody wallet, think twice before taking action.
Fake emails posing as Coinbase and Gemini trick users into using a pre-generated recovery phrase. Pay attention to the situation and beware of this scam alert.
How the Scam Works
The scam email instructs users to create a new wallet using the provided recovery phrase. But here’s the problem: whoever controls the recovery phrase controls the wallet. Scammers can drain everything once a user sets up the wallet and transfers funds.
Looks like massive phishing scams ongoing. Got two emails targeting @coinbase and @Gemini users.
Everyone be safe! pic.twitter.com/ceP1jqWQ1Z
— Sukesh Tedla (@sukeshtedla) March 14, 2025
The email even claims that Coinbase is now a registered broker and can no longer hold assets. This is entirely untrue.
Coinbase has already confirmed that this is a scam and has reminded users:
Reminder: Beware of recovery phrase scams.
We’re aware of new phishing emails going around pretending to be Coinbase and Coinbase Wallet.
We will never send you a recovery phrase, and you should never enter a recovery phrase given to you by someone else. pic.twitter.com/E9Us5jNS4C
— Coinbase Support (@CoinbaseSupport) March 14, 2025
Gemini is also targeted with the same fake email, using similar wording to fool its users.
Why This Matters
Scam attempts like this are nothing new, but they’re getting more sophisticated. Blockchain security firm CertiK reports that phishing attacks cost crypto users over $1 billion in 2024 alone.
The numbers from 2024 are in, and the Web3 ecosystem faces significant challenges. Over $2.36B was stolen across 760 incidents, marking a 31.61% increase from the previous year.
Dive into the 2024 Hack3d Report to see the insights that shaped the year and what’s next.
pic.twitter.com/86QyfYia8M
— CertiK (@CertiK) January 2, 2025
This isn’t the only scam happening right now. Hackers posing as business partners on fake Zoom calls have targeted some crypto founders. During the call, they send a message about an “audio issue” and trick victims into downloading malware.
How to Stay Safe from Crypto Scams
- Never use a recovery phrase given to you by someone else.
- Check every email communication with Coinbase or Gemini directly by their website instead of clicking on email links.
- Be cautious of urgent deadlines—Scammers pressure people into acting fast.
- If something feels off, don’t take action—Always double-check.
Is anyone else getting the fake @coinbase emails and texts? They’re getting increasingly sophisticated.
One is a fake verification text to get you to call a fake support number and the other is an email getting you to set up a real wallet they can drain.
Stay safe out there. pic.twitter.com/8SgjPQeUqk
— Steve
(@SteveKBark) March 14, 2025
Conclusion
This scam alert shows that experienced crypto users are still susceptible to this scam. Scammers continue to develop intricate methods that require verification before taking action.
If you receive fake emails from Coinbase or Gemini, report them quickly. Remember that receiving a recovery phrase from anyone other than you represents a danger.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
Copyright Altcoin Buzz Pte Ltd.
The post Scam Alert: Fake Emails Target Coinbase and Gemini Users appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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