Cryptocurrency users are facing new phishing attempts disguised as official emails from major exchanges Coinbase and Gemini.
The Pattern of the Coinbase Impersonation Scam
The fraudulent emails from Coinbase attempt to manipulate users into setting up new wallets with recovery phrases pre-generated by scammers. These emails claim legal changes require users to transition to self-custodial wallets by April 1, providing pre-generated phrases that give attackers control over funds. The email falsely references a legal process against Coinbase that was dismissed on February 27.
Similar Tactics Used Against Gemini Users
Similar phishing tactics have been reported against Gemini users. The emails mimic official communications, demanding changes due to legal proceedings, and also provide pre-generated recovery phrases.
Recent Trend of Crypto Attacks
These pre-generated recovery phrase scams are part of a broader trend of technical attacks on crypto owners. CertiK's report shows phishing as a critical security threat, costing $1 billion in 2024.
Cryptocurrency users should remain vigilant against phishing attacks involving fake exchange emails, verify information through official channels, and avoid using pre-generated recovery phrases.
