TL;DR
- Scammers have sent fake bankruptcy notices to Gemini users, attempting to trick them into transferring their assets to a fraudulent wallet.
- Gemini denied the rumors and warned its customers to rely only on official channels for information verification.
- Coinbase faces a security crisis after an employee gained unauthorized access to internal data and reports of fraudulent emails surfaced.
Gemini users have been targeted by a phishing scam attempting to deceive them with fake bankruptcy announcements. Scammers have sent fraudulent messages claiming the platform is insolvent and urging users to transfer their assets to a supposedly secure Exodus wallet. This type of scam aims to obtain victims’ seed phrases to gain control over their funds.
Gemini Denies Any Financial Issues
Warnings about the fraud quickly spread across social media, where various industry figures alerted users to the situation. Fox Business analyst Jason Williams urged users to verify information and avoid falling for the scam. Meanwhile, Gemini denied any financial trouble and reminded its customers of the importance of checking only official sources before making decisions about their assets.
BREAKING 🚨 NEWS : there is an email claiming @Gemini has filed bankruptcy going around. It states to protect funds withdraw to an exodus wallet (they give the seed phrase in the email). Do not follow these directions. Please retweet to protect those that may have been doxxed… pic.twitter.com/LU5Mj4QwN5
— Jason Ai. Williams (@GoingParabolic) April 1, 2025
The scam attempt coincides with Gemini’s preparations for an initial public offering, which may have been exploited by attackers to make the deception more convincing. These types of fraudulent campaigns have become more sophisticated, using social engineering tactics to manipulate users and direct them to fake platforms that mimic legitimate ones.
Coinbase Faces a Security Crisis
Meanwhile, Coinbase is dealing with its own security crisis after discovering that an employee gained unauthorized access to internal data. The company has not disclosed what information was compromised or the potential impact on users. Additionally, reports have emerged of fraudulent emails being sent to Coinbase customers. A similar tactic to those used in the attacks targeting Gemini.
Both incidents highlight the risks centralized exchanges face. External attacks, such as phishing, and internal threats. Such as unauthorized data access, underscore the need for improved security practices in the industry.
