Coinbase users are reporting a wave of phishing emails. According to reports, the emails pressured users to move their assets into a self-managed wallet and attached a deadline of April 1 to carry out the transfers.
Most of these victims shared examples of the emails they received on X. Some of these emails mentioned that Coinbase is moving to self-custody as a result of a court directive after a class-action lawsuit that came from being accused of selling unregistered securities. However, the lawsuit was dismissed by the court on February 27.
Coinbase users report phishing emails to move assets
According to reports, all the digital assets transferred to the wallets became accessible to the fraudsters, resulting in the loss of the funds. “Coinbase will operate as a registered broker, allowing the purchases, but all assets must move to Coinbase Wallet,” the email said.
The exchange has also officially responded to the scam emails shared by its users on X. In a recent post, Coinbase mentioned that it was aware of the emails being sent to some of its users, noting that it did not originate from them. “We will never send you a recovery phrase, and you should never enter a recovery phrase given to you by someone else,” the exchange said.
The exchange also urged users to remain cautious and disregard any email or message to enter recovery phrases given by another party. This issue highlights the menace of crypto theft in the crypto market, as users are enjoined to be careful of how much information regarding their wallets that they share online.