$12.5B
FTC-reported fraud losses in 2024
FTC says consumers reported losing $12.5 billion to fraud in 2024.
Coinbase withdrawal verification phishing scam
Fake emails alert users to a large withdrawal from their Coinbase account and prompt them to 'cancel' the transaction through a phishing link that captures their credentials.
“bitcoin scam”
↑ 72%Key indicators
Usually targetsCryptocurrency investors
Often hitsInvestors and traders
Common regionUnited States
Last updated2026-04-04
Estimated impact
$6.8K
median reported loss
Typical range$360 – $270K
Recovery rate~3%
Annual reports69,461
Scam breakdown
1
Scammers send emails that closely mimic Coinbase withdrawal confirmation emails, showing a large transaction the victim did not initiate.
2
Panicked victims click the 'cancel withdrawal' link, which leads to a phishing site requesting their login credentials and 2FA code.
3
The attackers use the captured credentials to actually initiate a real withdrawal from the victim's Coinbase account.
What to do first
Check your account directly at coinbase.com — if there is no pending withdrawal, the email is fake.
Related terms
Coinbase withdrawal alert phishingfake Coinbase transaction emailcrypto withdrawal scamCryptocurrency scamsCoinbaseStableCryptocurrency investorsActive tradersTech-savvy consumersInvestors and tradersOnline shoppersUnited StatesUnited KingdomCanadaCoinbase withdrawal alert phishingfake Coinbase transaction email
Real-world example
How this scam plays out in practice
Based on reported patterns. Names and details are illustrative.
The setup
Thomas, 35, a cryptocurrency investors, encountered what appeared to be a legitimate cryptocurrency scams situation while using Coinbase. Scammers send emails that closely mimic Coinbase withdrawal confirmation emails, showing a large transaction the victim did not initiate.
Step 2
What happened next was calculated: Panicked victims click the 'cancel withdrawal' link, which leads to a phishing site requesting their login credentials and 2FA code.
Step 3
The pressure escalated quickly: The attackers use the captured credentials to actually initiate a real withdrawal from the victim's Coinbase account.
The outcome
Thomas realized something was wrong when email says a large withdrawal was initiated from your account but you did not make any transaction. By that point, significant damage had already been done — money sent, personal information shared, or trust exploited.
The lesson
Check your account directly at coinbase.com — if there is no pending withdrawal, the email is fake. Thomas's experience shows why email says a large withdrawal was initiated from your account but you did not make any transaction and the 'cancel transaction' button links to a non-coinbase domain are the clearest early warning signs.
How to identify it
- Email says a large withdrawal was initiated from your account but you did not make any transaction
- The 'cancel transaction' button links to a non-Coinbase domain
- Email creates extreme urgency suggesting funds will be gone within minutes
- 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
- ✓Check your account directly at coinbase.com — if there is no pending withdrawal, the email is fake.
- ✓Never click 'cancel' or 'verify' links in emails — real Coinbase withdrawal emails cannot be canceled via email link.
- ✓Forward the suspicious email to [email protected] and delete it.
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.
- Phishing attacks targeting cryptocurrency exchanges increased by over 40% in 2023 compared to the prior year according to Chainalysis research.
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.
- ✓Check your account directly at coinbase.com — if there is no pending withdrawal, the email is fake.
- ✓Never click 'cancel' or 'verify' links in emails — real Coinbase withdrawal emails cannot be canceled via email link.
- ✓Forward the suspicious email to [email protected] and delete it.
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.
Phishing attacks targeting cryptocurrency exchanges increased by over 40% in 2023 compared to the prior year according to Chainalysis research.
OpenScam research
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
Cryptocurrency investors, Active traders, Tech-savvy consumers
Geographic concentration
United States, United Kingdom, Canada, Germany
Primary channel
Coinbase — Cryptocurrency scams
Why this group is vulnerable
Cryptocurrency investors 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
- Phishing attacks targeting cryptocurrency exchanges increased by over 40% in 2023 compared to the prior year according to Chainalysis research.
Source notes
- OpenScam research
Frequently asked questions
Common questions about coinbase withdrawal verification phishing scam
How does the coinbase withdrawal verification phishing scam work?+
Scammers send emails that closely mimic Coinbase withdrawal confirmation emails, showing a large transaction the victim did not initiate. Panicked victims click the 'cancel withdrawal' link, which leads to a phishing site requesting their login credentials and 2FA code. The attackers use the captured credentials to actually initiate a real withdrawal from the victim's Coinbase account.
What are the warning signs of coinbase withdrawal verification phishing scam?+
Email says a large withdrawal was initiated from your account but you did not make any transaction The 'cancel transaction' button links to a non-Coinbase domain Email creates extreme urgency suggesting funds will be gone within minutes
What should I do if I encounter coinbase withdrawal verification phishing scam?+
Check your account directly at coinbase.com — if there is no pending withdrawal, the email is fake. Never click 'cancel' or 'verify' links in emails — real Coinbase withdrawal emails cannot be canceled via email link. Forward the suspicious email to [email protected] and delete it.
Who is most at risk for coinbase withdrawal verification phishing scam?+
This scam primarily targets Cryptocurrency investors, Active traders, Tech-savvy consumers. It is most commonly reported in United States, United Kingdom, Canada, Germany and typically appears on Coinbase.
Is coinbase withdrawal verification phishing scam still active?+
Coinbase withdrawal verification phishing scam is currently on our watch list. It has been reported across US, UK, CA, DE. Last updated 2026-04-04.
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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.