Beware: Scammers Impersonating Crypto Exchanges – What You Need to Know
In the fast-paced world of cryptocurrency, scammers are increasingly impersonating major crypto exchanges by sending alarming texts or making phone calls claiming your account has been compromised. These messages often say that your password has been changed or an unauthorized transaction has occurred, urging you to “call support immediately.” But don’t be fooled—this is a phishing trap designed to steal your account credentials, crypto assets, or personal data.
Example Scam Messages:
"CoinBase Alert: Your password was changed. If this wasn’t you, call our 24/7 support now: 1-888-XXX-XXXX.”
“Binance: A $2,000 withdrawal was requested from your account. If unauthorized, contact us now: [fake link or number].”
These messages may look official, even using your name or the last four digits of your account ID. But real crypto exchanges do not call or text you asking you to confirm account changes or transactions via phone or unverified links.
What You Should Do:
Do NOT call the number or click any links in the message.
Log in to your exchange account through the official app or website to check for activity.
Enable 2-Factor Authentication (2FA) to secure your account.
Report the message to your exchange’s fraud team (e.g., Coinbase: security@coinbase.com).
Block the number and file a complaint at reportfraud.ftc.gov.
According to the FTC (Federal Trade Commission), over $1 billion was lost to crypto scams from 2021 to mid-2023, with imposter scams being one of the top fraud types. Most victims reported being contacted by text or phone, mimicking trusted crypto exchanges. If you're ever unsure, go directly to the official support page of your exchange. Never trust unsolicited messages claiming urgency or fear—they are classic hallmarks of a scam.
Stay vigilant. Protect your cryptocurrency!