News View Non-AMP

Scam Warning: Is Gemini Filing for Bankruptcy? Phishing Email Spreads Panic

Published by
Anjali Belgaumkar

A warning is making the rounds in the crypto community as scam emails claiming that Gemini Exchange has filed for bankruptcy are being sent out. The fraudulent message urges recipients to protect their funds by withdrawing to an “Exodus wallet,” even providing a fake seed phrase to trick users.

Red Flags to Watch Out For:

The scam email, which appears to come from a suspicious address, falsely claims that a security breach in late 2024 compromised $1.2 billion in cold storage reserves. It falsely states that, due to operational and regulatory hurdles, Gemini is filing for bankruptcy protection.

“We are writing to inform you that, as of March 31, 202%, Gemini Trust Company, LLC has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court. This step follows a significant financial setback caused by a security broach at a third-party custodial service we relied on, resulting in substantial losses. We regret the impact this has on our users and are committed to helping you secure your assets during this process,” the fake email read.

Many people have reported receiving similar emails, causing panic and confusion, just in time for April 1st, making it feel like an elaborate April Fools’ joke. But this isn’t a joke. It’s a scam designed to steal your crypto.

Crypto experts and community members are urging everyone to stay calm, double-check any communications from official sources, and never click on links or provide personal information in suspicious emails.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Recent Posts

Why Crypto Go Up Today? Shiba Inu Price, SUI Crypto, XRP News, Pudgy Penguins Crypto

April 23, 2025 03:38:55 UTC XRP News : XRPL SDK Hit by Critical Backdoor Vulnerability…

April 23, 2025

Crypto Liquidations Surpasses $600M as Bitcoin Price Teases $94k

Heavy liquidations of short traders have triggered a short squeeze in the wider crypto market…

April 23, 2025

XRP Price Analysis Today: Is a Bullish Wave to $3 Confirmed?

Renewed interest in XRP  has hinted at a potential market reversal from a multi-week correction.…

April 23, 2025

Ethereum Price Analysis Today: key Short-term Targets for ETH to Consider Ahead

On-chain data shows whales have been accumulating Ether relentlessly in the last few days. ETH…

April 23, 2025

Bitcoin Price Regains $91k After Seven Weeks: Top Reason Bulls are Ruling the Crypto Market

The Bitcoin’s fear and greed index surged from 37%, representing fear, to 47%, indicating neutral,…

April 23, 2025

Why Bitcoin & Ethereum Price Surge Today? Key Reason Behind It

After weeks of sideways action, Bitcoin and Ethereum are finally showing strong signs of recovery.…

April 22, 2025