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Crypto exchange Uphold has alerted its users about fraudulent emails from scammers impersonating the company, attempting to deceive individuals into providing access to their Bitcoin wallets.
“An SMS phishing message was dispatched to a limited number of Uphold customers yesterday, urging them to connect self-custody wallets to a counterfeit Uphold website in exchange for a ‘crypto loyalty payment,’” stated the legitimate Uphold company in a communication to clients on Wednesday.
The firm emphasized that this solicitation was “a scam,” and that Uphold will never request customers to transfer funds to any specific address.
Scam Alert: We’ve received reports of a phishing message that directs to a fraudulent Uphold website, falsely promising a crypto loyalty payment to entice you into linking a self-custody wallet. This is a scam.
Stay Safe – Remember:
Uphold will never ask you to send money to any address.… pic.twitter.com/aSNfitvRwm
— Uphold (@UpholdInc) February 27, 2024
Phishing scammers are rampant in the cryptocurrency sector: according to Chainalysis, $374 million is believed to have been taken through approval phishing scams in 2023.
These scams involve deceiving victims into authorizing a blockchain transaction that grants hackers the capability to transfer specific tokens from the victim’s crypto wallet. Some individuals have lost tens of millions due to such schemes.
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More conventional phishing scams involve misleading victims into sending cryptocurrency to scammers via standard transactions, including through fraudulent investment schemes, impersonations, and romance scams.
The latter, commonly referred to as “pig butchering scams,” defrauded victims of over $700 million in 2022 across both crypto and fiat, as reported by the FBI’s 2022 IC3 Report. Additionally, Americans reported $2.5 billion in losses from various crypto investment scams.
Cryptocurrency can serve as a potent medium for such scams since transactions are peer-to-peer and irreversible. Once a transaction is completed, an intermediary cannot cancel it, making it challenging to identify scammers.
Earlier this week, a scammer compromised Bitcoin investor MicroStrategy’s X account, successfully stealing $440,000 in ETH from victims through a fraudulent Ethereum token launch announcement.
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