There is a warning in the crypto community as they receive fraud emails claiming Gemini has filed for bankruptcy. The fraudulent message encourages recipients to protect their funds by withdrawing from “Exodus Wallet”, and tricks users into offering fake seed phrases.
Red flag to watch out for:
A fraud email from a suspicious address falsely claims that a security breaches in late 2024 compromised a $1.2 billion cold storage reserve. It erroneously states that Gemini is filing for bankruptcy protection due to operational and regulatory hurdles.
“As of 202% on March 31, Gemini Trust Company, LLC, filed for Chapter 11 Bankruptcy Protection with the U.S. Bankruptcy Court. This step resulted in significant losses due to security brooches caused by third-party custody services we rely on.
Many people have received similar emails, reporting that they are causing panic and confusion. It feels like an April Fool’s Day joke, just in time for April 1st. But this is no joke. It’s a scam designed to steal cryptography.
Crypto experts and community members are urging everyone to remain calm, reaffirming communication from official sources and not clicking on the link or providing personal information with suspicious emails.
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