New Phishing Scam Targets Coinbase, Gemini Users, Urging Transition to Self-Custody Wallets

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.

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.

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