Unlike typical phishing emails, this campaign leverages the perceived legitimacy of printed correspondence. The letters feature realistic branding, formal layouts, and urgent language designed to pressure users into taking immediate action.

How the Scheme Operates

The scammer letters typically claim that a “mandatory authentication check” or “transaction verification” is required to maintain wallet access. Some warn recipients that failure to comply by a specific deadline could result in loss of access to their funds. Others instruct users to scan a QR code for what is described as a critical security update.

Scanning the code directs victims to websites that closely imitate official domains. These fake portals prompt users to enter their recovery phrases under the guise of verification. Once the seed phrase is submitted, attackers gain full control of the wallet and can transfer all stored crypto assets.

To build credibility, the letters often include reminders never to share recovery phrases online—an ironic tactic that lowers suspicion before directing users to malicious sites.

Why Hardware Wallet Users Are Vulnerable

Previous security incidents have made hardware wallet customers attractive targets. In 2020, a data breach exposed the personal information of more than 270,000 Ledger customers, including email addresses and physical mailing details. In 2021, scammers distributed tampered devices and fake executive letters urging users to migrate funds. A 2023 supply-chain compromise affecting Ledger’s Connect Kit software also resulted in significant losses tied to Ethereum-based applications.

These past exposures provide attackers with verified contact data, enabling more convincing and targeted campaigns.

How to Stay Protected

Legitimate wallet providers never request recovery phrases under any circumstances. If an unexpected letter arrives, users should independently visit the company’s official website by manually typing the address into their browser rather than scanning QR codes or clicking links.

Seed phrases must remain strictly offline and should never be entered on any website. Additional safeguards such as two-factor authentication, multi-signature setups, and regular wallet monitoring can further reduce risk.

This campaign highlights an evolving threat landscape where offline communication channels are weaponized. Hardware wallet owners must treat every unsolicited request with skepticism and rely on verified sources before taking action.

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The post New Scam Method in Crypto! Attention Users! appeared first on Coin Engineer.

“In the last 11 months, we’ve witnessed developments no one imagined. The White House has officially embraced Bitcoin. That alone is extraordinary,” said Saylor.

He went on to highlight that Donald Trump’s presidential win in November 2024 brought a complete shift in U.S. crypto policy.

“We hoped for a pro-Bitcoin president—but we didn’t expect a strategic Bitcoin reserve, nor did we expect to hear the U.S. declare itself the Bitcoin superpower of the world,” he added.

U.S. Paves the Way With Crypto-Friendly Legislation

Saylor also pointed to three major crypto-related bills gaining traction in the United States:

• Genius Act, focused on stablecoins
• Digital Asset Market Clarity Act
• Bitcoin Act

These legislative moves mark a stark contrast from a year ago, with multiple U.S. states now actively embracing Bitcoin.

Strategy’s BTC Holdings: 592,100 Bitcoin

While making these bold claims, Strategy continues to stack Bitcoin, most recently adding $1 billion worth of BTC to its reserves. As of June 15, 2025, the company holds 592,100 BTC.

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Despite the massive holdings, Saylor has declined to provide public proof-of-reserves, citing security risks. His stance on self-custody—previously critical—has softened in recent months. In October 2024, he clarified that he supports self-custody for those “willing and able.”

Self-Custody and Open Source Shine at BTC Prague

The BTC Prague 2025 event brought together over 5,000 attendees, including developers, crypto enthusiasts, and newcomers. According to Danny Sanders, Chief Commercial Officer at Trezor, the dominant themes were open-source innovation and individual asset sovereignty.

“BTC Prague continues to attract a deeply Bitcoin-focused community, with a strong interest in the future of self-custody,” Sanders said.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Michael Saylor Projects Bitcoin to Hit $21M by 2046 appeared first on Coin Engineer.

Seed Phrase Trap: Social Engineering at Its Worst

Ed Suman, a 67-year-old former fabricator for top artists like Jeff Koons, spent decades in the art world before shifting his focus to cryptocurrency investing. Over time, he amassed 17.5 Bitcoin (BTC) and 225 Ethereum (ETH) — the core of his retirement portfolio — stored safely in a Trezor Model One hardware wallet.

But in March, he received a text message that appeared to be from Coinbase, alerting him to suspicious account activity. He replied, and shortly afterward, a man calling himself “Brett Miller from Coinbase security” called him.

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The caller seemed legitimate, even referencing Suman’s use of a hardware wallet. Over the phone, he walked Suman through a supposed “security procedure,” which required him to enter his seed phrase into a site that perfectly mimicked Coinbase’s interface.

A second scam call came nine days later. After following the same process again, all of Suman’s crypto was gone.

Real Data Breach at Coinbase Raises Alarms

Coincidentally or not, Coinbase recently disclosed a data breach where attackers bribed Indian customer support contractors to access private user data — including names, account balances, and transaction histories.

Roughly 1% of monthly users were affected, including Sequoia Capital’s managing partner Roelof Botha. While no funds were confirmed stolen from him, the incident highlights growing concerns over third-party vulnerabilities.

Coinbase has since fired the compromised contractors and is planning to compensate affected users with a budget between $180 million and $400 million.

Hardware Wallets Are Not Foolproof

Suman’s tragic loss is a painful reminder: Seed phrases should never be entered into any website, regardless of how authentic it looks. The biggest threat in crypto isn’t always technology — it’s human manipulation.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Retired Artist Loses $2M in Crypto to Fake Coinbase Site appeared first on Coin Engineer.

Features of the Trezor Safe 5

Using the Trezor Suite desktop and mobile app, the company said the new gadget will let users securely store, manage, stake, and use thousands of cryptocurrencies in one location. According to a statement, it boasts a bigger color touchscreen with haptic feedback, a new safe element meant to guard private data and execute cryptographic operations, and an improved 20-word backup mechanism.

Trezor devices, unlike those of competing manufacturer Ledger, are open-source, meaning they are community-based and audited, so flaws might be found and corrected more quickly. On the other hand, it could make stolen gadgets more easily cracked. The team said, however, that the Safe 5 secure element has an EAL 6+ certification, thereby verifying that the chip can resist advanced attacks and has been extensively tested.

Enhanced Backup Procedure

Designed to provide better protection with no single point of failure, the new backup procedure lets users upgrade from a normal single-share backup to a more complex multi-share backup, Trezor said. Shamir’s secret sharing is used to provide a backup whereby the master secret key is divided into several distinct shares. Users can choose the number of original shares the advanced backup consists of and the required count to restore the wallet. Users can still access their bitcoin even if certain shares are lost, the team clarified.

Trezor said it will also provide a 20-word version of its Trezor Keep Metal solution in July to guard wallet backup phrases from fire, water, and physical impact. Still, the new gadget will support legacy backup procedures.

Trezor CEO Matěj Žák said, “Understandably, many crypto enthusiasts lack trust in exchanges and are looking for an easy and safe way to interact with their crypto assets.” “We saw that there was an opportunity to bring something fresh to the sector—eenter the Safe 5, the ultimate hardware wallet for crypto users looking for everyday utility along with the highest level of security and easy usability—ssince hardware wallets are often designed more for ‘hodling’ crypto rather than using crypto on a more regular basis.”

Pre-Order and Availability

The Safe 5 sets you back $169. Pre-orders for black graphite and bitcoin-only variants will be shipped in July. The statement says that green beryl and violet ore variants will be accessible by mid-August.

Designed mostly for crypto rookies and amateurs to encourage self-custody of their digital assets, Trezor’s latest hardware gadget extends its product portfolio with the debut of the Safe 3 in October 2023.

Trezor announced it will now sell an infinite edition of the orange-shaded bitcoin-only Safe 3 and Safe 5 for general sale, whereas the Safe 3 bitcoin-only editions were limited to just 2,013 devices in a reference to Trezor’s founding year.

Introducing Trezor Expert Service

Along with its new hardware device, the wallet manufacturer also revealed the release of Trezor Expert—ccustomized, one-on-one onboarding sessions meant to offer expert knowledge and reassurance to help consumers get set up with its crypto cold-storage devices and comfortable using its self-custody solutions.

“For many, their crypto travels start on centralized exchanges before they progress to taking responsibility for storing their crypto on hardware wallets,” Žák said. “We have seen this happen several times following the fall of well-known exchanges when our sales unexpectedly increased. Newcomers to hardware wallets, however, may lack expertise, understanding, and confidence in configuring hardware wallets; they turn to social media and internet research to aid them through the process.”

“Trezor Expert gives our customers the chance to investigate the security issues of self-custody in more depth as they cover topics such as private key management and safe online practices, helping them to set up their hardware wallets correctly,” Žák said.

Priced at $99, the service guarantees that only the customer knows the wallet backup and other sensitive information and will be available seven days a week worldwide. Trezor said.

The post Trezor Safe 5: The Ultimate Hardware Wallet Debuts appeared first on Coin Engineer.

The company, renowned for designing and marketing Trezor crypto hardware wallets, has provided a detailed account of an incident resulting in the posting of fraudulent presale token announcements on its official X account.

Contrary to initial suspicions of a SIM-swap attack, SatoshiLabs has determined that the security breach was a result of a phishing attack.

It’s highlighted that the company doesn’t employ a mobile device for two-factor authentication, opting for alternative security measures.

Despite these precautions, unauthorized and misleading posts were made by attackers, including requests for users to send funds to an undisclosed wallet address alongside harmful links redirecting users to a bogus token presale site.

Blockchain analyst ZachXBT, with a following of 528,000 on X, alerted his audience to Trezor’s suspected breach in a March 19 X post.

SatoshiLabs’ official X account, which belongs to the hardware wallet manufacturer Trezor, was utilized to publish a series of posts guiding users to fraudulent presale token offerings.

The breach into SatoshiLabs’ X account was detected on March 19, with suspicions raised of a sophisticated and premeditated phishing attack orchestrated by hackers over several weeks.

Once the breach was identified, the deceptive posts were swiftly removed to minimize damage. SatoshiLabs emphasized that the security of its products, including Trezor hardware wallets, remains unaffected.

Investigations suggest that beginning on Feb. 29, the attackers assumed the identities of credible entities within the crypto sphere, maintaining a convincing social media presence and engaging in seemingly authentic discussions.

Under the guise of a reputable X account with a substantial following, the impersonator contacted SatoshiLabs’ public relations team, proposing an interview with the CEO. Subsequently, a meeting was arranged, during which the impersonator shared a malicious link disguised as a Calendly calendar invitation.

Upon clicking the calendar link, prompting for X login credentials, suspicions were raised. Although the meeting was rescheduled, the attacker managed to link their Calendly to SatoshiLabs’ X account in a subsequent session, under the pretense of facing technical issues.

Trezor previously experienced a security breach in January, exposing the contact information of nearly 66,000 users. The wallet maker, which has sold over two million hardware wallets since its inception in 2012, continues to investigate and reinforce its security measures.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Trezor Reveals Phishing, Not SIM Swap, as Cause of Compromised X Account appeared first on Coin Engineer.

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The scammers targeted users who had subscribed to Trezor’s newsletter, claiming that there would be an update to the blockchains of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and TRON (TRX). With this fake update announcement, they aimed to steal users’ assets and private keys.

The Trezor team responded quickly, disabling the malicious link in the email text and limiting the threat’s reach. The Trezor company warned users to immediately delete any emails containing harmful links, and reminded them that all funds are safe and that users should not share their recovery words or security keys with anyone.

The company has recently been in the news after a cyber attack resulted in the theft of customer information by hackers. The company is increasing security measures and urging its users to be more careful about such fraudulent attempts. Trezor users who want to store their cryptocurrencies securely are advised to always be on the lookout for suspicious emails and to verify official update announcements.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

The post New Security Warning for Trezor Bitcoin Wallet Users! appeared first on Coin Engineer.