Phishing Emails Impersonate Coinbase and Gemini, Users Warned

Reports have emerged on X about a new phishing attack. Fraudsters, posing as representatives of the exchanges Coinbase and Gemini, are urging users to transfer their assets to new wallets using pre-generated seed phrases.

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 phishing emails claim that Coinbase has allegedly been required to ensure self-custody of assets due to legal proceedings. Clients are offered a step-by-step guide to creating a new wallet via the Coinbase Wallet app, with a deadline to complete the process by April 1.

However, the email contains a pre-prepared seed phrase. If a user transfers funds to such a wallet, the scammers gain full access and can withdraw all assets.

Coinbase has confirmed awareness of the fraudulent campaign and reminded users that it does not send recovery phrases.

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

The platform’s support reminded users to “never enter seed phrases received from third parties.”

Similar phishing emails are being distributed in the name of the crypto exchange Gemini. In this case, scammers also refer to a fictitious court decision to persuade users to create new wallets.

Earlier, on March 12, a user fell victim to phishing and lost 1.82 million Compound USDC.