Gemini and Coinbase Users Targeted in Latest Crypto Scam Wave
In a disturbing new scam wave, Gemini and Coinbase users have become prime targets of fraudulent schemes designed to steal sensitive information and digital assets.
Fake Emails Spread False Bankruptcy Claims About Gemini
Many Gemini users have recently reported receiving deceptive emails falsely claiming that the exchange had filed for bankruptcy. These phishing emails urged recipients to withdraw their funds to an Exodus wallet, even including a seed phrase to mislead users into transferring their cryptocurrency to wallets controlled by scammers.
The fraudulent messages alleged that Gemini had suffered losses totaling $1.2 billion and warned users to move their assets to avoid losing their funds. Security experts have flagged this as a classic crypto phishing scam, often targeting newer investors unfamiliar with proper security practices.
In response, Gemini issued a formal warning on its platform, reaffirming that the exchange will never request users to transfer assets to external wallets. Customers are advised to verify all communications through official Gemini channels and report suspicious emails or activity immediately.
Coinbase Privacy Breach Raises Phishing Concerns
Meanwhile, Coinbase disclosed a serious privacy breach involving one of its customer service employees. The individual accessed user account data without the required authorization, raising significant concerns about user privacy and security.
Affected Coinbase users were notified of the breach, which has been linked to a noticeable increase in phishing emails and scam phone calls from individuals impersonating Coinbase representatives. This incident highlights the risks of internal data exposure, which can fuel more targeted scams.
Surge in Crypto Scams Reflects Growing Industry Risks
These incidents underscore the growing wave of crypto scams and phishing attacks targeting popular platforms like Gemini and Coinbase. As digital asset adoption grows, cybercriminals are becoming increasingly sophisticated in their methods.
Security experts stress the importance of user vigilance—avoiding suspicious links, verifying official communication, and using trusted applications. Exchanges, in turn, must reinforce internal controls to prevent breaches and protect customer data.
With Gemini and Coinbase users targeted in the latest crypto scam wave, it’s clear that both platforms and users must stay alert in the face of evolving digital threats.
