$12.5B
FTC-reported fraud losses in 2024
FTC says consumers reported losing $12.5 billion to fraud in 2024.
fake Coinbase Pro upgrade scam
Scammers promote a fraudulent 'Coinbase Pro upgrade' through emails or ads, tricking users into transferring cryptocurrency to a fake platform where funds are stolen.
“bitcoin scam”
↑ 72%Key indicators
Usually targetsActive traders
Often hitsInvestors and traders
Common regionUnited States
Last updated2026-04-04
Estimated impact
$4.6K
median reported loss
Typical range$240 – $180K
Recovery rate~3%
Annual reports69,461
Scam breakdown
1
Scammers send emails or create ads promoting an exclusive Coinbase Pro upgrade with reduced trading fees and enhanced features.
2
Victims are directed to a convincing fake platform that asks them to transfer their crypto holdings to a new 'Pro' wallet address for migration.
3
Funds sent to the scammer's wallet address are immediately moved through mixers and cannot be recovered.
What to do first
Coinbase merged Coinbase Pro into its main platform as Advanced Trade — there is no separate upgrade process requiring fund transfers.
Related terms
Coinbase Pro phishingfake Coinbase Advanced TradeCoinbase upgrade scamCryptocurrency scamsCoinbaseStableActive tradersCryptocurrency investorsTech-savvy consumersInvestors and tradersOnline shoppersUnited StatesUnited KingdomCanadaCoinbase Pro phishingfake Coinbase Advanced Trade
Real-world example
How this scam plays out in practice
Based on reported patterns. Names and details are illustrative.
The setup
Mark, 35, a active traders, encountered what appeared to be a legitimate cryptocurrency scams situation while using Coinbase. Scammers send emails or create ads promoting an exclusive Coinbase Pro upgrade with reduced trading fees and enhanced features.
Step 2
What happened next was calculated: Victims are directed to a convincing fake platform that asks them to transfer their crypto holdings to a new 'Pro' wallet address for migration.
Step 3
The pressure escalated quickly: Funds sent to the scammer's wallet address are immediately moved through mixers and cannot be recovered.
The outcome
Mark realized something was wrong when email or message urges you to upgrade to 'coinbase pro' with lower fees by clicking a special link. By that point, significant damage had already been done — money sent, personal information shared, or trust exploited.
The lesson
Coinbase merged Coinbase Pro into its main platform as Advanced Trade — there is no separate upgrade process requiring fund transfers. Mark's experience shows why email or message urges you to upgrade to 'coinbase pro' with lower fees by clicking a special link and the upgrade process asks you to transfer cryptocurrency to a new wallet address for 'migration' are the clearest early warning signs.
How to identify it
- Email or message urges you to upgrade to 'Coinbase Pro' with lower fees by clicking a special link
- The upgrade process asks you to transfer cryptocurrency to a new wallet address for 'migration'
- The domain hosting the upgrade page is not coinbase.com
- Pause before paying, clicking, or sharing information. Scammers rely on speed.
- Verify the sender, company, or agency using a phone number or website you already know is legitimate.
- Treat secrecy, urgency, and off-platform payment requests as strong scam signals.
What to do now
- ✓Coinbase merged Coinbase Pro into its main platform as Advanced Trade — there is no separate upgrade process requiring fund transfers.
- ✓Never transfer cryptocurrency to a wallet address provided in an unsolicited email or ad.
- ✓Verify any platform changes by checking official Coinbase announcements at blog.coinbase.com.
What to save before reporting
- ✓Save the message, profile, phone number, email, or URL that was used.
- ✓Keep payment confirmations, receipts, and account alerts before you dispute or delete anything.
- ✓Write down the timeline while the details are still fresh.
How big is this problem
You are not alone — this scam affects millions of people.
These numbers come from government agencies and official reports. If you have been affected, know that this is a widespread problem — not something that only happens to careless people.
FTC 2024 fraud losses
Imposters
Most common FTC fraud category in 2024
FTC says imposter scams remained the most commonly reported fraud category in 2024.
History and evolution
- This scam family tends to persist because the social-engineering pressure works even when the exact scripts, platforms, and payment methods change.
- The specific packaging evolves over time, but the core pattern usually stays the same: create urgency, control the channel, and push action before verification.
- The FBI warned in a 2023 public service announcement about a rise in scams exploiting platform migration and upgrade confusion at cryptocurrency exchanges.
Recovery and follow-up
- ✓Save the messages, receipts, account alerts, and transaction details before you block or delete anything.
- ✓Report the scam through the official platform or government channel that best matches where it happened.
- ✓Coinbase merged Coinbase Pro into its main platform as Advanced Trade — there is no separate upgrade process requiring fund transfers.
- ✓Never transfer cryptocurrency to a wallet address provided in an unsolicited email or ad.
- ✓Verify any platform changes by checking official Coinbase announcements at blog.coinbase.com.
Why this pattern keeps working
Even when the story changes, most scams still use the same pressure pattern: urgency, authority, and a request to move money or data fast.
The FBI warned in a 2023 public service announcement about a rise in scams exploiting platform migration and upgrade confusion at cryptocurrency exchanges.
FBI IC3 2024
Where to report it
If you have been targeted by this scam, reporting it helps authorities track the pattern and protect others. United States has dedicated agencies that handle fraud reports.
ReportFraud.gov
Federal Trade Commission
Central U.S. consumer fraud reporting portal.
File an IC3 complaint
FBI Internet Crime Complaint Center
FBI portal for internet-enabled crime reports.
Start identity theft recovery
IdentityTheft.gov
Official U.S. identity theft recovery plan builder.
Explore further
Understand the bigger picture
Who is most at risk
Who this scam targets
Primary targets
Active traders, Cryptocurrency investors, Tech-savvy consumers
Geographic concentration
United States, United Kingdom, Canada, Australia
Primary channel
Coinbase — Cryptocurrency scams
Why this group is vulnerable
Active traders are particularly vulnerable because this scam exploits trust in familiar brands, authority figures, and time-sensitive decisions. The ongoing nature of reports suggests that awareness among this demographic remains low.
Sources and methodology
How we verify this information
OpenScam tracks scam patterns using a combination of government consumer protection databases (FTC, IC3, Action Fraud), platform-specific fraud reports, and verified consumer complaint data. Each entry is cross-referenced against at least two independent sources before publication.
Severity ratings are based on financial impact potential, reversibility of damage, and volume of reports across multiple reporting channels. Trend velocity reflects the rate of change in report volume over the most recent 90-day window.
This page was last verified on 2026-04-04. Red flags, recovery steps, and reporting resources are reviewed quarterly against current agency guidance.
Evidence and indicators
- The FBI warned in a 2023 public service announcement about a rise in scams exploiting platform migration and upgrade confusion at cryptocurrency exchanges.
Source notes
- FBI IC3 2024
Frequently asked questions
Common questions about fake coinbase pro upgrade scam
How does the fake coinbase pro upgrade scam work?+
Scammers send emails or create ads promoting an exclusive Coinbase Pro upgrade with reduced trading fees and enhanced features. Victims are directed to a convincing fake platform that asks them to transfer their crypto holdings to a new 'Pro' wallet address for migration. Funds sent to the scammer's wallet address are immediately moved through mixers and cannot be recovered.
What are the warning signs of fake coinbase pro upgrade scam?+
Email or message urges you to upgrade to 'Coinbase Pro' with lower fees by clicking a special link The upgrade process asks you to transfer cryptocurrency to a new wallet address for 'migration' The domain hosting the upgrade page is not coinbase.com
What should I do if I encounter fake coinbase pro upgrade scam?+
Coinbase merged Coinbase Pro into its main platform as Advanced Trade — there is no separate upgrade process requiring fund transfers. Never transfer cryptocurrency to a wallet address provided in an unsolicited email or ad. Verify any platform changes by checking official Coinbase announcements at blog.coinbase.com.
Who is most at risk for fake coinbase pro upgrade scam?+
This scam primarily targets Active traders, Cryptocurrency investors, Tech-savvy consumers. It is most commonly reported in United States, United Kingdom, Canada, Australia and typically appears on Coinbase.
Is fake coinbase pro upgrade scam still active?+
fake Coinbase Pro upgrade scam is currently on our watch list. It has been reported across US, UK, CA, AU. Last updated 2026-04-04.
Related scams
Similar scams to watch out for
Cryptocurrency scams
↓ 8%fake cryptocurrency exchange platform scam
Scammers build professional-looking crypto exchange websites that accept deposits but prevent withdrawals, stealing users' funds and personal data.
What to do first
Only use exchanges registered with your national financial regulator — check FinCEN, FCA, or ASIC registries
Targets
Crypto investors
Seen in
Global
Cryptocurrency scams
↓ 8%rug pull token scam
Developers launch a new cryptocurrency token with heavy promotion, attract investor funds into the liquidity pool, then drain all liquidity and disappear with investors' money.
What to do first
Check if liquidity is locked using tools like Team Finance or Unicrypt before investing in any new token
Targets
Crypto investors
Seen in
Global
Cryptocurrency scams
↓ 8%crypto wallet drainer scam
Malicious smart contracts or phishing sites trick users into signing a transaction that grants the attacker unlimited permission to transfer tokens from their wallet.
What to do first
Always review transaction details carefully in your wallet before signing — revoke approvals regularly using tools like Revoke.cash
Targets
Crypto investors
Seen in
Global
Help someone avoid this scam.
Scammers succeed because people do not talk about it. If you or someone you know has been affected, there is no shame in it — it happens to millions of people every year. Share this page with friends and family so they know what to look for.