Coinbase Text Scam Alert

Is there a Coinbase text scam? Yes, there is, and you should know about it. The scams associated with Coinbase are multifaceted but often come in text forms such as text messages and emails.

Let's assume you were scrolling through your message application and noticed an unread message that begins with the following: "Your Coinbase withdrawal code is ..." What would you do?

Be informed that such messages are most likely a Coinbase text scam, and we will explore instances where people received them. We will see what they did and share with you the recommended steps to follow.

Also, check out our FasTrak Toll Text Scam alert for a similar scam alert in a different industry (the toll system).

What is Coinbase?

Coinbase is an American cryptocurrency founded in June 2012 by Brian Armstrong and Fred Ehrsam. It has users from across the world with a user base of over 100 million, making it the largest cryptocurrency company in America.

On Coinbase, users can fund their accounts, buy, sell, and securely store the coins of their choosing. They can also transfer them to other platforms like Binance and Bybit and withdraw them from accounts.

Here comes a problem that should be one. Users on the platform have been a target for scammers who are interested in stealing tokens to enrich themselves. The processes they employ to exploit a user's account on the platform are known as Coinbase text scams.

Coinbase Text Scam

A Coinbase text scam is a phishing scam targeting Coinbase users. It involves text messages or emails supposedly from Coinbase with a call-to-action to call or click on a link to confirm a transaction you did not initiate.

The text scam message comes from an unknown number, with an OTP code, an instruction not to share it with anyone, and a phone number to contact. In the case that you contact them, they end up asking you for the very code that shouldn't be shared with anyone.

Relatively, an individual shared their experience on Reddit, where they received similar messages with a number to reach out to. When they did, they were asked to confirm the verification code they received in the text message by sharing it with them.

Fortunately, the target refused to share the code with them and wasted their time instead. This is not an advisable approach, as you could become vulnerable and give up information under pressure.

What happens when you share the code with them? First, you confirm that you own an account that is a target. Second, you give them access to the account. Third, they gain access to your account.

In the case that you don't have an account, providing the code enables them to create an account with your information and use it to make transactions that will be linked to you.

That is bad news! Obviously, you don't want that to happen to you. So here's what you should do:

1. Do not respond to the text message or emails.

2. If it's an email, forward it to the Coinbase team at SECURITY@COINBASE.COM.

3. REPORT to local authorities or use the FBI's International Crime Complaint Center, ic3.gov, to file a complaint.

4. Block and report as spam using your messaging application.

The fourth step is very important, as it deletes and prevents you from receiving further messages from that contact. To learn more about how to do that, check out our article on how to report scam phone numbers, calls, and texts. Remember, your safety and security come first.