Phishing Scams Target Coinbase and Gemini Users with Fake Wallet Emails

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📈 Preview On Today’s News:

1. - Phishing Scams Target Coinbase and Gemini Users with Fake Wallet Emails

2. - Wemix CEO Justifies Delay in Revealing $6.2M Exploit

3. - Nigeria Hits $59B in Crypto Transactions Despite Ongoing Ban

Keep reading below for more!

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Today’s News:

1)

Phishing Scams Target Coinbase and Gemini Users with Fake Wallet Emails

Scammers are targeting cryptocurrency users through sophisticated phishing emails impersonating Coinbase and Gemini exchanges. These fraudulent messages falsely claim legal actions require users to move their assets into new self-custody wallets by April 1. Victims are instructed to use pre-generated recovery phrases provided in the emails, giving attackers full access to any funds transferred. Despite the emails directing users to legitimate wallet apps, the pre-set recovery phrases are a critical security breach. The campaigns exploit urgency by referencing real but resolved lawsuits involving both exchanges. Blockchain security firm CertiK reports phishing attacks remain the top crypto threat, causing $1 billion in losses across 296 incidents in 2024 alone.

• Scammers are impersonating Coinbase and Gemini, urging users to switch to new wallets with attacker-controlled recovery phrases, risking total fund loss.

• CertiK highlights phishing as crypto's top security threat in 2024, with $1 billion stolen through 296 incidents, including these sophisticated email campaigns.

2)

Wemix CEO Justifies Delay in Revealing $6.2M Exploit

Wemix Foundation CEO Kim Seok-hwan defended his decision to delay the disclosure of a $6.2 million exploit, explaining it was to prevent market panic and further attacks. The breach, first revealed on March 4—four days after it occurred—resulted in the theft of 8.65 million Wemix tokens from Play Bridge via a stolen authentication key. Despite denying any cover-up, Kim admitted to personally making the call to delay the announcement. Following the exploit, Wemix shut down the compromised server, reported the incident to Seoul police, and ruled out the involvement of North Korea’s Lazarus Group. The WEMIX token dropped nearly 40%, prompting a $6.9 million buyback and additional 20 million token purchase to stabilize prices. Full services are set to resume Friday on a new blockchain infrastructure.

• Wemix CEO Kim Seok-hwan delayed revealing a $6.2 million exploit to prevent panic, later confirming security upgrades and a new blockchain launch.

• The exploit caused an almost 40% drop in WEMIX's value, prompting buybacks totaling over $6.9 million to stabilize the token’s price.

3)

Nigeria Hits $59B in Crypto Transactions Despite Ongoing Ban

Nigeria recorded $59 billion in cryptocurrency transactions between July 2023 and June 2024, according to a report by KPMG. This surge comes despite the Central Bank of Nigeria’s (CBN) continued ban on financial institutions facilitating crypto transactions. Nigerians are increasingly turning to peer-to-peer (P2P) platforms and decentralized exchanges to bypass restrictions, driven by economic instability, high inflation, and a weakening naira. As crypto adoption grows, experts suggest that regulatory frameworks may be more effective than outright bans in addressing the demand for digital assets.

• Nigeria processed $59 billion in crypto transactions over 12 months, despite the Central Bank’s ban, by relying on P2P platforms and decentralized exchanges.

• Economic instability and currency devaluation are fueling crypto adoption, prompting experts to call for clear regulations rather than strict prohibitions.

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