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.

Is anyone else getting the fake @coinbase emails and texts? They’re getting increasingly sophisticated.

One is a fake verification text to get you to call a fake support number and the other is an email getting you to set up a real wallet they can drain.

Stay safe out there. pic.twitter.com/8SgjPQeUqk

— Steve 🤙 (@SteveKBark) March 14, 2025

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.

Let’s talk about it. 🧵 pic.twitter.com/JIFVAMcyGQ

— Beau (@beausecurity) March 14, 2025

The “Migrate to Coinbase Wallet” email looks “very polished,” however, transparently a scam, a user warned on X.

Coinbase Sends Warning Note to Customers

Following complaints from several users, crypto exchange Coinbase took to X, warning users over recovery phrase scams. The exchange wrote that it is aware of scammers impersonating to lure its customers.

“Never enter a recovery phrase given to you by someone else, even if they’re from Coinbase.”

Reminder: Beware of recovery phrase scams.

We're aware of new phishing emails going around pretending to be Coinbase and Coinbase Wallet.

We will never send you a recovery phrase, and you should never enter a recovery phrase given to you by someone else. pic.twitter.com/E9Us5jNS4C

— Coinbase Support (@CoinbaseSupport) March 14, 2025

Cryptonews has reached out to Coinbase for more clarity on the phishing scam.

In February, users pointed to an elaborate support scam impersonating Coinbase representatives. However, this time, users received automated phone calls asking them to withdraw assets stating that a transaction was identified as scam.

Coinbase also released a note emphasizing that the exchange “will never make an unsolicited phone call to any customer.”

Gemini Users Targetted With Similar Phishing Mails

Besides, users of crypto exchange Gemini were also targeted on Saturday with similar phishing mails, carrying the same text.

The perpetrators claimed that Gemini users need to set up new wallets due to a recent court ruling.

“Looks like massive phishing scams ongoing,” a user noted. “Got two emails targeting Coinbase and Gemini users.”

Looks like massive phishing scams ongoing. Got two emails targeting @coinbase and @Gemini users.

Everyone be safe! pic.twitter.com/ceP1jqWQ1Z

— Sukesh Tedla (@sukeshtedla) March 14, 2025

The US SEC previously sued Gemini for offering unregistered securities via its ‘Earn’ program. However, the agency dropped its aggressive crypto enforcement action against Gemini last month without any charges.