Crypto investors are reporting a wave of scam emails impersonating Coinbase, pressuring users to transfer assets into fraudulent self-managed wallets before an April 1 deadline.
Victims shared examples of recent scam emails on X. These emails claim that Coinbase is transitioning users into self-custodial wallets due to a court mandate stemming from a class-action lawsuit alleging the exchange sold unregistered securities. In reality, the lawsuit from the US SEC was dismissed on 27 February.
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
Any crypto assets sent to the compromised wallets become immediately accessible to the fraudsters, resulting in the theft of all transferred funds.
The scam emails state: “Coinbase will operate as a registered broker, allowing the purchases, but all assets must move to Coinbase Wallet.”
The exchange has officially responded to these scam emails on X. In a recent post, the exchange said that it is aware of recent phishing emails from scammers. It warned, “We will never send you a recovery phrase, and you should never enter a recovery phrase given to you by someone else.”
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
Users are strongly advised to remain cautious and disregard any recovery phrases given by someone else.
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