In light of a new phishing scandal, cryptocurrency users are reporting scam emails allegedly from Coinbase, pressuring users to transfer their assets into fraudulent wallets.
Rapid Wave of Scams
Crypto users are discussing examples of scam emails online. The emails claim that Coinbase is transitioning to self-custodial wallets due to a court mandate. However, the lawsuit against the exchange was actually dismissed on February 27.
Scammers' Goal
Any crypto assets sent to compromised wallets become immediately accessible to fraudsters, resulting in the theft of all transferred funds. The scam emails state that Coinbase will operate as a registered broker, but all assets must move to Coinbase Wallet.
Official Response from Coinbase
The exchange has officially responded to these scam emails. In a post on X, Coinbase stated it is aware of phishing emails and reminded users it will never send recovery phrases and such phrases should not be entered if received from others. Users are advised to stay vigilant and ignore such messages from unknown sources.
Users must be particularly wary of recovery phrases provided by unknown sources and pass on these warnings to peers to prevent potential asset loss.
