How to Protect Your Crypto Funds From E-mail Phishing Scams

2023/05/17 12:46:02

Last year saw an enormous spike in cryptocurrency phishing, with a 40% year-over-year growth. This rise resulted in a stunning 5,040,520 crypto phishing detections, up from 3,596,437 in 2021. This cunning method now has its own category in the cybercrime Hall of Fame. Staggering, right?

It's difficult not to look twice at those figures, especially when the news is overflowing with accounts of yet another crypto phishing scam. It's a cold reality eager investors need to come to terms with.

In the middle of one of the hardest crypto winters, fraudsters discovered a warm spot in crypto phishing and used it to deceive investors of their hard-earned assets. The attention appears to have turned away from traditional financial dangers like banking malware, with cybercriminals increasingly choosing the digital treasure troves of cryptocurrency. It's obvious that the crypto gold rush has attracted a new breed of bandits.

Deciphering Email Phishing Attacks

Simply put, phishing in the field of digital currencies is a sophisticated cyber swindle in which scammers employ deception to fool victims into exposing secret information, such as private keys or login data, relating to their crypto wallets or accounts. These attackers throw their evil nets wide open, attracting unaware victims into their trap.

In the case of emails trying to deceive you, pay attention to this scenario:

Imagine receiving an email that appears to be from your trusted cryptocurrency exchange, warning you about an attempted withdrawal and pushing you to click a certain link and input your private data. That's exactly how they get you.

The scammers go into action the moment a user falls for this deception and spills their crucial info. They use this information to steal the victims' cryptocurrency assets or get unauthorized access to their accounts. The aftermath of a crypto phishing assault is not just a financial nightmare, with victims potentially losing all of their crypto holdings, but it may also point to serious cybersecurity dangers such as identity theft.

We have already covered the topic of phishing in a more general sense, since our users weren't immune to these attacks. By following that guide and getting more information from this article, you can greatly improve your chances of keeping your precious crypto safe.

Email Phishing Mechanism: Explained

Phishing attacks often begin with scammers sending a mass email to their targets, cleverly disguised to look to be from a trustworthy source, such as a cryptocurrency wallet or exchange.

These fraudulent messages frequently include a link that takes you to a bogus website that looks exactly like the real thing. The trap closes when the victim clicks on this link and enters their login information, which the perpetrator then uses to gain illicit access to their account.

Users reported a high frequency of email phishing attacks coming as:

  • Fake Giveaways
  • Money withdrawal warnings
  • Payment via e-mail offers
  • Fake Donations
  • Asking to send payments to a specific address
  • Password change warning

Top Tips for Spotting Phishing Emails

We have compiled the most typical things that seemed odd in emails sent to our users. Phishing emails can be surprisingly difficult to spot since fraudsters go to great lengths to make their schemes appear legitimate.

But worry not—there are some tips to avoid getting scammed as well as warning signs that can help you spot these frauds:

  1. Phishing emails often include links that seem genuine but actually take you to a fake website. Be wary of links that don't correspond to their anchor text or hidden URLs. KuCoin’s website is You can bookmark this address right away.
  2. Be cautious if an email claiming to be from a corporation is sent from a public domain instead of a professional one like "" However, note that this may not be the only thing you might want to pay attention to, as experienced hackers might spoof (fake) their email addresses. This is why KuCoin has developed an official media verification tool that lets you check any email you receive.
  3. Phishing emails may differ in tone or style from the typical correspondence you receive from a company. This is known as content misalignment. You should also be suspicious of inconsistencies between the message and embedded parts, such as a "login" message next to a "sign up" button.
  4. Phishers frequently imitate the distinctive email text, fonts, logos, or color schemes of an authentic company. The more you know about your company, the easier it will be for you to spot a fake.
  5. Can you spot grammar and spelling mistakes in an email? It was probably written in a hurry by a phisher who didn't care to proofread or had difficulties with the second language. Phishers may also use weird texts or fonts to avoid being detected and sent into the spam folder.

Final Word

As we mentioned above, the chances of retrieving your coins are quite slim given the irreversible nature of blockchain transactions. However, you shouldn't let this stop you from developing your investigative abilities and developing a keen eye for spotting phishing attacks.

But what happens if you end yourself falling victim to a con? Don't keep quiet. Inform the authorities about the event. Blow the whistle. The government might try to track down the culprits. Keep an eye out for danger and stay secure in the crypto universe.

For Further Reading

  1. Phishing Attacks: How to Recognize and Avoid Crypto Scams
  2. How to Protect Your Mobile Device From Crypto Scams
  3. 5 General Security Considerations Every Crypto Investor Should Know
  4. KuCoin Security Notice
  5. Everything You Need to Know About Account Security on KuCoin