A recent Coinbase phishing attack has been targeting users by pretending to be a mandatory wallet migration. The email instructs recipients to set up a new wallet using a pre-generated recovery phrase controlled by the attackers. It falsely claims that Coinbase is transitioning to self-custodial wallets due to a class action lawsuit, and users are urged to migrate their assets. The phishing email misleads users into believing they must act quickly to comply with these changes, making it an effective scam.
The phishing email offers specific instructions on how to download the official Coinbase Wallet app. However, it provides a recovery phrase already controlled by the attackers, which users are told to use. The email appears to come from a legitimate Coinbase address but uses an incorrect reply address, noreply@akamai.com, and passes various email security checks, such as SPF, DMARC, and DKIM. This allows the phishing email to bypass spam filters and reach many unsuspecting users, making it more dangerous.
What sets this phishing attack apart from others is its method of gaining access to victims’ funds. Unlike typical phishing scams that ask users to click on malicious links, this one avoids links altogether. Instead, the email directs users to Coinbase’s legitimate Wallet page, but it also provides a recovery phrase. By setting up a new wallet with this phrase, the attacker gains control of the wallet once the user transfers funds into it. This reverse phishing technique allows attackers to steal the assets without ever directly asking for sensitive information like a private key.
Coinbase has responded by warning users about the scam, emphasizing that the company will never send recovery phrases to customers. They’ve also posted reminders urging users to never share their recovery phrase with anyone or enter one provided by an email or website. For anyone who has fallen victim to this attack, Coinbase advises moving any funds out of the compromised wallet as soon as possible to prevent loss. This phishing attempt highlights the importance of vigilance and caution when dealing with emails related to cryptocurrency wallets.
