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March 17, 2025

Scam Alert: Fake Emails Target Coinbase and Gemini Users Tari | usagoldmines.com

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.

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:

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.

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.
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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