17-3-2025 – A sophisticated phishing operation targeting cryptocurrency holders has emerged, with fraudsters masquerading as Coinbase in an elaborate scheme to pilfer digital assets from unsuspecting investors.
The orchestrated campaign hinges on fabricated claims of a non-existent court mandate, falsely asserting that Coinbase must transition customer holdings to self-custodial wallets by 1 April. This manufactured deadline serves as a pressure tactic, exploiting investor anxiety around regulatory compliance.
At the heart of the deception lies a dismissed Securities and Exchange Commission case, which scammers have cunningly repurposed to lend credibility to their ruse. The SEC had, in fact, dropped the referenced lawsuit on 27 February, laying bare the fraudulent nature of these communications.
Social media platforms have been awash with reports from targeted individuals, sharing examples of the persuasively crafted messages designed to create a false sense of urgency. The fraudsters’ endgame becomes apparent once victims transfer their assets to the suggested wallets, resulting in instantaneous theft.
Taking to X (formerly Twitter), Coinbase has mounted a robust response to protect its user base. The cryptocurrency exchange emphasised its steadfast policy against requesting recovery phrases or directing asset transfers away from its custody. The platform stressed that any external party providing recovery phrases should be treated with immediate suspicion.
Market observers note that this incident underscores the evolving sophistication of cryptocurrency-related fraud, with bad actors increasingly appropriating legitimate regulatory developments to craft more convincing schemes. The episode serves as a stark reminder of the paramount importance of verification through official channels in the digital asset space.
