CoinMarketCap Warns Users About Rise in Scammer Impersonations

CoinMarketCap has issued an urgent warning about a rise in scammers impersonating their staff by phone. The company confirms they never make calls or ask for personal information. With over $1.7 billion lost to scams in 2024, users should verify communications through official channels and be cautious of fraudulent tactics.

CoinMarketCap has just issued an urgent warning about scammers impersonating their staff through phone calls. This alert comes amid an alarming rise in cryptocurrency scams. Users are strongly advised to stay vigilant and confirm any communications through official channels only, as CMC does not make phone calls and never requests personal information from users.

The warning, which appeared on CoinMarketCap’s official X account just 25 minutes ago, stresses that the platform does not have a customer service phone number. The message also emphasises the importance of verifying any suspicious messages using their designated support platform. This is particularly critical, considering the increased instances of social engineering scams that are targeting both novice and experienced investors in the crypto market.

The past few years have seen a staggering uptick in cryptocurrency fraud. Recent findings from a 2024 Chainalysis report reveal that over $1.7 billion has been lost to scams worldwide. A large portion of these scams consists of impersonation frauds, where criminals cleverly disguise themselves as trusted platforms, like CoinMarketCap, to trick users into divulging personal details or even transferring their cryptocurrencies.

So, why are these crypto scams escalating? Well, several factors are at play here. First, with a boom in retail investor interest in cryptocurrencies, there are now more potential victims than ever. Many newcomers to the market might not have the technical knowledge required to spot a scam or differentiate between legitimate and fraudulent communications. Second, the fast-paced and often stressful environment of presales and investment opportunities fuels urgency, which scammers exploit through the common psychological tactic of creating a fear of missing out (FOMO). It’s a recipe for disaster.

To safeguard themselves, users are urged to adopt a verifying-first approach when navigating the crypto landscape. Double-checking the URLs of websites is crucial, enabling two-factor authentication is recommended, and above all, never sharing private keys or seed phrases shouldn’t even be up for debate. No legitimate platform will request such sensitive information, particularly not over the phone.

If you ever feel uncertain, enter official websites directly instead of clicking on links from unsolicited emails or messages. Bookmark your trusted sources and be on the lookout for any odd phrasing or unusual requests in communications that claim to be from recognisable platforms. Additionally, following the official social media channels is a smart way to remain informed about recent scam alerts.

Returning to the essence of CoinMarketCap’s message, the company has reiterated how vital user safety and transparency are. By clarifying that they do not conduct phone calls, CMC is actively working to reduce the chances of users falling prey to voice phishing scams. It’s a crucial wake-up call for the crypto community—the landscape lacks intermediaries, thus placing the onus of responsibility squarely on users’ shoulders.

For those needing assistance or wanting to report suspicious activities, CoinMarketCap advises users to utilise their official support channel. As the crypto world continues to develop, the threats will undoubtedly evolve as well. Staying informed and sceptical is the most effective defence against these increasingly sophisticated scams.