Author: admin

https://cryptonews.com/news/coinbase-gemini-users-targeted-in-new-phishing-scam

Several crypto users have flagged new sophisticated phishing scam mails, targeting Coinbase and Gemini users. These legit-looking fraudulent emails claim to be from the crypto exchange, asking users to transition crypto holdings into self-hosted wallets.

“As of March 14, Coinbase is transitioning to self-custodial wallets,” the fake mail read. The scammers also send verification texts via SMS, urging users to call a fake support number.

“Is anyone else getting the fake Coinbase emails and texts? They’re getting increasingly sophisticated,” wrote one user on X.

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

The mass email reportedly arrived in various user inboxes on Saturday. The scam mail pointed to a class action lawsuit against Coinbase for allegedly involving in unregistered securities, adding that the court has mandated users to convert their assets into self-custody wallets.

Further, the mail also stressed that the deadline to transfer user assets to a self-custodial wallet is April 1st, 2025.

“Scammers are leveraging scare tactics to scam you using Coinbase’s own self custody wallet and seed phrases scammers control,” another user wrote.

Did you get this @coinbase scam email today?

Scammers are leveraging scare tactics to scam you using Coinbase’s own self custody wallet and seed phrases scammers control.

Let’s talk about it. 🧵 pic.twitter.com/JIFVAMcyGQ
— Beau (@beausecurity) March 14, 2025

The “Migrate to Coinbase Wallet” email looks “very polished,” however, transparently a scam, a user warned.

Coinbase Sends Warning Note to Customers

Following complaints from several users, crypto exchange Coinbase took to .. warning users over recovery phrase scams. The exchange wrote that it is aware of scammers impersonating to lure its customers.

“Never enter a recovery phrase given to you by someone else, even if they’re from Coinbase.”

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

Cryptonews has reached out to Coinbase for more clarity on the phishing scam.

In February, users pointed to an elaborate support scam impersonating Coinbase representatives. However, this time, users received automated phone calls asking them to withdraw assets stating that a transaction was identified as scam.

Coinbase also released a note emphasizing that the exchange “will never make an unsolicited phone call to any customer.”

Gemini Users Targeted With Similar Phishing Mails

Besides, users of crypto exchange Gemini were also targeted on Saturday with similar phishing mails, carrying the same text.

The perpetrators claimed that Gemini users need to set up new wallets due to a recent court ruling.

“Looks like massive phishing scams ongoing,” a user noted. “Got two emails targeting Coinbase and Gemini users.”

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 US SEC previously sued Gemini for offering unregistered securities via its ‘Earn’ program. However, the agency dropped its aggressive crypto enforcement action against Gemini last month without any charges.

The scam mail stressed that the deadline to transfer user assets to a self-custodial wallet is April 1st.

Author
Sujha Sundararajan

Last updated:
March 17, 2025 01:56 EDT

https://www.msn.com/en-au/crime/general/aussies-targeted-in-crypto-text-scam/ar-AA1Bhcj9

Authorities identified more than 130 victims who have been alerted to the scam impersonating the Binance cryptocurrency exchange.

Targets were contacted by SMS and encrypted messaging platforms by scammers pretending to be a Binance representative claiming their cryptocurrency accounts had been breached.

“Anyone who received an SMS or email warning from the NASC must take it very seriously.

“If you have already transferred your cryptocurrency to a so-called trust wallet, report it to your bank or digital currency exchange immediately, then to police via ReportCyber quoting the reference number AFP-068.”

Australian Competition and Consumer Commission deputy chair Catriona Lowe said impersonation scams had become common, and people must verify all communications they received, even where they appeared legitimate.

“Impersonation scams rely on people trusting that the text, email or phone call they get is legitimate and scammers go to significant lengths to create the appearance of legitimacy,” she said.

“We urge all Australians to contact an organisation directly using official contact details from their website or app to verify any communication they receive.”

Binance chief security officer Jimmy Su said protecting their users was Binance’s top priority, and education was key in the fight against scams.

“Scammers often impersonate trusted platforms – like Binance and others – by exploiting certain telecom loopholes to manipulate sender names and sender phone numbers to create urgency,” he said.

“To stay safe, always verify communications using Binance Verify – our tool to confirm official Binance channels.

“Never share sensitive information like your seed phrase or transfer funds under pressure. If in doubt, stop and verify through official sources.

https://cryptonews.com/news/indian-authorities-arrest-crypto-scammers-for-700k-fraud-disguised-as-japanese-exchange

India’s crypto space is experiencing a surge in sophisticated scams exploiting regulatory gaps and investor enthusiasm. Authorities are intensifying crackdowns on everything from fake exchanges to Ponzi schemes.

Indian authorities have arrested five individuals linked to a large-scale crypto fraud that defrauded an unsuspecting businessman of approximately $700,000 (INR 6.16 crore).

According to a local report, the scam was orchestrated through a fake trading platform masquerading as a legitimate Japanese cryptocurrency exchange, ZAIF.

The cybercrime wing of Odisha’s state Crime Branch led the operation, uncovering how the fraudsters lured victims with promises of exorbitant returns on crypto investments.

The scheme began in May 2024 when the victim, a businessman from Berhampur, was contacted on Facebook by a woman claiming to be a Hong Kong-based software developer.

She introduced him to the bogus trading platform, where he was assured a 200% return on his investment.

Once the businessman deposited funds over a month-long period, he was shown fabricated profits to instill confidence.

However, when he attempted to withdraw his earnings, he was asked to deposit an additional INR 89 lakh ($107,000) to unlock his funds, a common advance fee fraud tactic.

Realizing he had been deceived, the victim reported the fraud to the authorities, leading to a swift investigation and the arrest of the perpetrators in Surat, Gujarat.

The Surge of Crypto Scams in India

This case is one of many crypto-related frauds sweeping across India, a country witnessing a rapid rise in digital asset adoption.

Just days before the Odisha bust, authorities in Assam dismantled another scam, the RSN Crypto scheme. This scheme duped over 2,000 investors with promises of 2% daily returns.

👮 Indian authorities have arrested three individuals in connection with a large-scale crypto fraud that duped over 2,000 investors.#India #Scamhttps://t.co/V3gK8ckv7g
— Cryptonews.com (@cryptonews) March 25, 2025

Investigators revealed that the culprits swiftly converted investor funds into USDT (Tether) and transferred them via major exchanges such as Binance. While three suspects have been detained, the mastermind remains at large.

Similarly, earlier this year, police uncovered the Datameer scam, which defrauded 700 investors out of $114,000.

Another major fraud case, the HPZ Token scheme, involved 299 Chinese-linked entities and resulted in multi-million-dollar losses.

Given the vulnerabilities within India’s largely unregulated crypto sector, law enforcement agencies are intensifying efforts to curb fraudulent activities.

India’s growing fascination with cryptocurrency, especially among young investors seeking alternative income streams, has fueled an increase in both legitimate trading and scams.

📊 A growing number of young Indians are turning to crypto trading to supplement their incomes amid stagnant job growth and slow wage increases.#India #Cryptohttps://t.co/usALgiA56j
— Cryptonews.com (@cryptonews) February 25, 2025

Despite the country’s stringent crypto tax policies and regulatory ambiguities, trading volumes on local exchanges surged to $1.9 billion in late 2024.

In fact, recent efforts are underway to establish a clear framework, with Coinbase already processing its full return to India.
The GainBitcoin Scam and Continued Crackdowns

The crackdown on crypto scams in India isn’t new. Last month, the Central Bureau of Investigation (CBI) also launched nationwide raids in connection with the infamous GainBitcoin Ponzi scheme, one of the largest crypto frauds in the country’s history.

📢 Following a two-day search of over 60 locations in India's major cities, the police confiscated $2.75 million worth of #crypto in connection to the #GainBitcoin scam.#CryptoScam #Indiahttps://t.co/3cGVdjqFdR
— Cryptonews.com (@cryptonews) February 26, 2025

The scam, which began in 2015, defrauded investors of an estimated $756.48 million (INR 6,600 crore).

GainBitcoin was operated by Amit and Ajay Bhardwaj, who lured investors with promises of 10% monthly returns through Bitcoin cloud contracts.

However, as with all Ponzi schemes, early investors were paid using new investor funds until the system collapsed after 18 months.

Authorities have since seized $2.75 million in crypto assets, multiple wallets, hard drives, and incriminating documents during the raids, with further investigations ongoing.

With India’s crypto market nearing $2 billion, regulatory challenges persist. Despite efforts by the government to establish global guidelines during its G20 presidency, tax policies remain unchanged, posing hurdles to mainstream adoption.

As it stands now, the Indian authorities are working hard to curb irregularities associated with crypto and establish a clear rule governing its use.

Journalist
Hassan Shittu
March 27, 2025 06:42 EDT

Indian Authorities Arrest Crypto Scammers for $700K Fraud Disguised as Japanese Exchange

Don’t Take the Bait: Coinbase & Gemini Exchange Users Targeted by Phishing Attack

TLDR

Coinbase users targeted by mass phishing emails claiming mandatory wallet transfers by April 1
Scammers provide pre-generated recovery phrases that give them control of any transferred funds
Emails falsely cite a dismissed SEC lawsuit as reason for required wallet changes
Both Coinbase and Gemini exchanges have been impersonated in similar scams
Coinbase has warned users they will never send recovery phrases to customers

Cryptocurrency users are facing a new wave of phishing attacks impersonating major exchanges like Coinbase and Gemini. The fraudulent emails pressure victims to transfer their digital assets into self-custodial wallets using recovery phrases provided by the scammers.

The phishing campaign began over the weekend with mass emails sent to Coinbase users. These messages falsely claim that due to a court mandate stemming from a class-action lawsuit, users must move their assets to self-managed wallets before April 1.

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. 

— Steve 🤙 (@SteveKBark) March 14, 2025

“Coinbase will operate as a registered broker, allowing the purchases, but all assets must move to Coinbase Wallet,” the deceptive emails state. This creates a false sense of urgency to trick recipients into taking immediate action.

The scam is cleverly designed to appear legitimate. Fraudsters instruct victims to download the actual Coinbase Wallet app, making the scheme seem more credible. However, they then provide pre-generated recovery phrases.

These recovery phrases are the critical element of the scam. When users set up a new wallet using these phrases, they unknowingly give scammers complete access to any funds transferred to that wallet.

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

The emails reference a lawsuit by the U.S. Securities and Exchange Commission (SEC) against Coinbase for allegedly selling unregistered securities. This claim is false. The SEC dismissed its lawsuit against Coinbase on February 27, 2025.

Similar phishing attempts have targeted Gemini exchange users. These emails use the same tactics, claiming users need to set up new wallets because of a recent court decision. The SEC also ended its legal action against Gemini on February 26.

Coinbase has publicly responded to the scam. In a post … on March 14, the company warned:

“We will never send you a recovery phrase, and you should never enter a recovery phrase given to you by someone else.”

This latest attack comes during a period of increased phishing activity in the cryptocurrency space. According to blockchain security firm CertiK, phishing attacks cost crypto users $1 billion across 296 incidents in 2024, making them the most serious security threat.

Users who fall victim to these scams typically lose all their transferred funds immediately. The fraudsters gain instant access to any cryptocurrency sent to the compromised wallets and can drain them within seconds.

The phishing emails create a false sense of legitimacy by appearing to come from trusted exchanges. They often include official logos, similar formatting, and language that mimics real communications from these companies.

Security experts advise crypto users to always verify communications directly through official exchange websites or apps. Users should never use recovery phrases provided by anyone else, even if the source appears to be legitimate.

Fake Zoom Calls

This phishing campaign follows reports of other sophisticated scams targeting the crypto industry. At least three crypto founders recently reported foiling attempts from alleged North Korean hackers who used fake Zoom calls to try to steal sensitive data.

The California financial regulator has also issued warnings about seven new types of crypto and AI scams currently targeting consumers. These evolving threats show how scammers continue to develop new methods to target cryptocurrency holders.

Crypto exchanges recommend enabling two-factor authentication and using hardware wallets for added security. They also emphasize that legitimate companies will never ask users to share recovery phrases or private keys via email, chat, or phone.

Victims shared examples of the scam emails on ‘social media’ platform .., helping to spread awareness about the threat. Community vigilance has played an important role in alerting others to the ongoing phishing campaign.

The SEC’s dismissal of cases against both Coinbase and Gemini in February makes the scammers’ claims particularly misleading. No court has mandated that users of these exchanges must move to self-custodial wallets.

   

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact Oliver@blockonomi.com

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