BTC
$0.00
0.00%
This story comes to us from Argentina. A local resident was an active user of the Gemini crypto exchange, where he kept all his savings.
On May 1, 2025, he received a letter allegedly from this exchange, which said that Gemini had filed for bankruptcy and in order to protect his assets, he needed to provide a seed phrase. These are 12 secret words for restoring a crypto wallet. The exchange employees needed this phrase to help him withdraw funds to an Exodus cold wallet. Otherwise, as they assured, it was no longer possible to save his funds. The exchange stopped paying out. It was necessary to act immediately, while there was still an opportunity to save his cryptocurrency. To make it more credible, the scammers even helped him create a new cold wallet with passwords that only he knew.
The Argentine believed them and gave his secret 12 words, after which he lost all his crypto assets. The scammers stopped communicating. He later learned that it was a scam, the exchange did not declare bankruptcy, and its employees did not send such letters to anyone.
We remind you that exchanges never ask for 12 secret words, as well as passwords for accessing accounts. You need to remember this and not trust such letters under any circumstances.