A Reddit user has warned of an ongoing email scam instructing Coinbase users to transfer their cryptocurrency into “old storage wallets.”
Reddit user Apps4Life posted a public service announcement (PSA) on the popular discussion website warning people about the scam emails, which are pretending to be from major exchange Coinbase.
Apps4Life took a screenshot of the email, which reads:
“Over the next seven days, Coinbase will be running scheduled maintenance across our platform that may cause movements on all Coinbase-supported blockchains.”
The email also claims the maintenance is controlled and closely monitored. It then instructs users to send their funds to a collection of “private old storage wallets” that Coinbase allegedly provides.
Coinbase would never ask their customers to transfer funds over email, much less by providing the addresses in the email as well.
A key indicator that confirms the email as a scam is that it also reads: “Please find below your private wallet addresses and private keys,” which are not provided. The scam is clearly targeted at newcomers and traders who are not well versed in the cryptosphere.
As another Reddit user, __moonshot__, notes: “If you know what a private key looks like, you’re not in the demographic for this scam,” which is certainly true.
Seasoned traders and people in-the-know would immediately recognise that there are no private keys provided in the email. The copy of the email presents many conflicting statements, all of which hint at the dubious nature of the scam.
The fraudulent email also states that during the maintenance process, Coinbase is not responsible for the security of funds being held in cold storage, before stating: “Once the scheduled maintenace [sic] is complete, funds can be moved back to your trading account.”
Once again, this clearly demonstrates the email is not from Coinbase, since a reputable exchange is not likely to misspell the word ‘maintenance.’
In any event, be careful. Email scams are increasingly common, and they are showing no signs of slowing down any time soon.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.