Coinbase users received mass-phishing emails from scammers over the weekend

Source Cryptopolitan

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.

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.”

Users are strongly advised to remain cautious and disregard any recovery phrases given by someone else.

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