Crypto Users Warned of New Phishing Scam Impersonating Coinbase & Gemini

In Brief:

Scammers are sending phishing emails impersonating Coinbase and Gemini, urging users to set up wallets using pre-generated recovery phrases.

Coinbase and Gemini have issued warnings, confirming these emails are fraudulent and urging users never to use provided recovery phrases.

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Crypto users are reporting a new wave of phishing scams where fraudsters impersonate Coinbase and Gemini to steal funds. The emails claim that users must transition to self-custody wallets due to false legal requirements and provide pre-generated recovery phrases controlled by scammers.

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Victims who set up wallets with these phrases unknowingly give scammers full access, leading to stolen funds. Coinbase has confirmed the scam, stating: “We will never send you recovery phrases.” Gemini users have also been targeted with similar fake court-related emails. Both exchanges are advising users to avoid clicking on suspicious links and never enter recovery phrases provided by others.

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