Scam Alert: Do Not Believe This Fake Coinbase Maintenance Email
No one would say that the crypto market is not riddled with scammers. Unfortunately, there are people trying to steal your cryptocurrencies everywhere and, even if you are careful, sometimes you can get caught off guard. Now, a new threat has emerged.
The fake email affirms that during the “next seven days” Coinbase will be in maintenance and that all the “Coinbase-supported blockchains” may be offline to enhance the security of the customers. During the time, the users should move their funds to “private old wallets” that are provided on the email.
After saying that, the email shows several wallet addresses for the victim to send their money and affirm that Coinbase will not be responsible for the people who do not put their funds in cold storage. As soon as the “maintenance” is complete, the users would be able to send their funds back.
Users on the Reddit post were all aware of the scam and agreed that the email was fake (which was pretty obvious).
How To Avoid Scams
If you do not want to be a victim, you need to see some important points whenever you receive a suspicious material such as this email. For instance, it is important to notice that a company as big as Coinbase would never simply shut down for seven whole days and then ask the users to move their money alone.
Coinbase is a crypto custodian and it keeps the money of the users. The money is actually moved way more than you might think because what you really hold is credit with the company, they manage your money because they are a centralized exchange, so you do not need to move it.
Also, they talk as if Coinbase actually had its own blockchains, which is just not how the blockchain technology works. In fact, Coinbase only deals with cryptocurrencies, not their distributed ledgers.
Finally, the email states that you can find your new wallet addresses and your private keys, but there are only wallet addresses. A private key is needed in order to actually take your funds back, so you should be aware that depositing the money into an account without a private key will make you never be able to use it again.