For those that are invested in cryptocurrency and enthusiastic about the future of cryptocurrency, scams have come to be a simple part of life. One of the most commonly-used methods for scammers to gain access to the funds of unsuspecting users is phishing emails. Phishing emails are emails that are designed to look like they are coming from a reputable source, perhaps even a service that is used by the target. When users click on links in these phishing emails, they can inadvertently give away valuable and compromising information.
Though basically every crypto and financial service has been used to send out these phishing emails, CoinBase is now the industry’s latest most popular target. Hackers and scammers have been utilizing the generally trusted and recognized name of CoinBase to send out fraudulent emails requesting that users log in using fake links, providing account information, and even send cryptocurrency to various addresses. For seasoned cryptocurrency pros that have been around for a while, this isn’t much of a problem. However, for new users that don’t know what to expect, it can be a real issue.
Earlier this year, the Twitter accounts of several prominent individuals were hacked in one of the greatest exploitation of our time. Thousands of dollars were stolen in cryptocurrency. This is just an example of how far these individuals will go to exploit new users for cryptocurrency.
With CoinBase, it becomes even easier. As CoinBase rises in popularity, all a hacker needs to know is the emails of newly registered users. If they can find those individuals, they can send them emails that look just like automated messages that CoinBase sends out to its users with real inquiries. The best piece of advice that any new cryptocurrency user can follow is to never give out account information or send funds to these emails. If you receive an email that you believe to be real, type in the domain name into the browser to access the website instead of clicking the link.
As Bitcoin once again rises to prominence and mass popularity in pop culture, attackers are sure to ramp up these attempts and be more vigilant than ever. Though social media networks are doing what they can to fight back, it will never be enough, as hackers will always continue to find ways around new restrictions. For that reason, the best that we can hope for is for those new to cryptocurrency to take the time and effort to educate themselves.
