Scam Alert: Impersonation scams
Important:
Cointree will never ask you to move your funds to a “safe wallet”, share your recovery phrase, or contact us through unofficial channels such as Telegram, Discord, or WhatsApp. We also will not call you outside normal business hours and ask you to act urgently.
One of the latest tactics is to contact someone and claim their wallet, exchange account or personal details are “under threat”, then pressure them to move funds to a so-called safe wallet.
It sounds protective, it feels urgent and that’s exactly the point.
Australian Scamwatch says scammers commonly rely on impersonation, urgency and emotion to get people to act fast. They may pretend to be from police, a crypto platform, a bank or another trusted organisation, and use official-sounding language, fake reports or scary claims to make the threat feel real.
What to look out for
Be cautious if someone:
- says your wallet, exchange account or identity has been compromised
- tells you to move your crypto to a new or “safe” wallet immediately
- helps you set up the wallet while making it feel like you are still in control
- pushes urgency or tells you not to speak to anyone else
- contacts you unexpectedly by phone, text, email or social media
- calls at unusual hours or creates panic so you act before thinking
Unexpected contact is a major red flag, especially in crypto. Moneysmart warns that scammers may impersonate legitimate digital asset platforms, government officials or police, and trick people into sending crypto or using fake wallets, platforms or apps.
Protect yourself
If you receive a call or message like this:
Stop. Don’t transfer anything.
Do not move funds just because someone tells you your account is at risk. Verify through official channels only. Hang up and contact the company, exchange or organisation yourself using the official website or app. Do not use the number, link or instructions given in the message or call.
Never share wallet recovery phrases, passwords or codes. If someone asks for these, it’s a scam.
If you already sent funds act immediately:
- stop all contact with the scammer
- contact your bank or financial institution straight away
- report the incident to the crypto platform you used
- if personal information was shared, contact IDCARE for support
Moneysmart says to act fast, stop any further payments, and report crypto transfers to the platform or company used to send the funds.
Final reminder
If someone pressures you to move money to a “safe wallet”, treat it as a warning sign, not a safety measure.
When in doubt, slow down, hang up, and verify through official channels.
Learn more about how Cointree helps protect your account, assets, and personal information here: https://www.cointree.com/company/security/
