If you or someone you know has invested in cryptocurrency, here’s an urgent warning: scammers are using fake text messages that appear to come from Coinbase to steal from crypto wallets.
I received one myself. The message looked like an alert from Coinbase, sharing a “withdrawal code”, suggesting someone was trying to access my account. It looked urgent and official. For a second, I believed it.
That’s exactly what scammers are hoping for.
These messages, part of a growing scam called smishing (SMS phishing), are sent out by the thousands. They often include a link or a phone number and tell you there’s been suspicious activity in your account. But tapping the link or calling the number leads you directly into the scam.
If you aren’t familiar with Coinbase, it’s one of the largest and most trusted cryptocurrency platforms in the world. It provides a secure wallet where users store crypto like Bitcoin and Ethereum. Coinbase has strong, bank-level security and offers two-factor authentication. But in early 2025, the company confirmed a breach involving third-party attackers who obtained names, email addresses, and phone numbers of some users. That data is now being used to make these scams more believable.
Here’s how it works:
A scammer sends a text that looks like a Coinbase alert. It may say someone is trying to access your account, or that a withdrawal is in process. It includes a phone number to call or a link to tap. Once you engage, you’ll be asked to verify your identity or share a one-time code. That code is your two-factor authentication, and once the scammer has it, they can log in and transfer your crypto elsewhere. The money is gone, and there’s no way to get it back.
The FTC reports that Americans lost nearly $470 million to text scams in 2024 alone. And Coinbase-specific scams have accounted for over $300 million in losses annually. Worse, research shows that about 17% of people who receive scam texts end up falling for them.
So what can you do?
- Never click a link in a text from someone you don’t know.
- Don’t call the number in the message.
- Always go directly to the Coinbase app or website to check your account.
- Use an authenticator app instead of SMS for two-factor login.
- Never share security codes with anyone — not even someone claiming to be from Coinbase.
These scams are sophisticated and getting more common. If you get a message like this, report it to the FTC and to Coinbase. Forward scam texts to 7726 to alert your mobile carrier.
Once your crypto is stolen, it’s gone, and the bad guys are impossible to catch. Taking a few extra steps can help keep your wallet and your money safe.
