Users of Betterment reported receiving a scam-like notification on Friday that urged them to send large amounts of cryptocurrency in exchange for guaranteed returns, prompting confusion and concern across social media.
Key Takeaways:
- Betterment users were targeted by a scam message promising to triple crypto deposits using urgency and guaranteed returns.
- The company said the notification was unauthorized and sent through a third-party communications system.
- The incident shows ongoing crypto risks driven by social engineering and deceptive wallet-related scams.
According to posts shared on Reddit, the message claimed Betterment was “giving back” after its best-performing year and promised to triple Bitcoin and Ethereum deposits sent within a limited three-hour window.
The notification instructed users to transfer as much as $10,000 in crypto to specified wallet addresses, with assurances that $30,000 would be returned to the sender.
Fake Betterment Message Mimicked Common Crypto Scam Tactics
Screenshots circulating online showed the message framed as an official promotion, with some users saying they received similar language by email.
The structure and wording closely resembled common crypto scams that rely on urgency and unrealistic guarantees to prompt quick action.
Betterment later acknowledged the incident, saying the message was not authorized.
In a statement posted on X, the company said the notification was sent through a third-party system used for marketing and customer communications and should be disregarded.
“This is not a real offer,” Betterment said, adding that it apologized for the confusion caused by the message.
Betterment is an automated investing service (a “robo-advisor”) that builds and manages diversified portfolios of low-cost exchange-traded funds (ETFs).
As reported, blockchain security firm PeckShield documented 26 major exploits in December, with address-poisoning scams and private-key leaks accounting for substantial losses.
One victim lost $50 million after mistakenly copying a fraudulent address that visually mimicked their intended destination.
Another major incident involved a private key leak tied to a multi-signature wallet, resulting in losses of approximately $27.3 million.
The industry’s vulnerability extends beyond technical exploits to social engineering schemes, with Brooklyn resident Ronald Spektor facing charges for allegedly stealing $16 million from roughly 100 Coinbase users by impersonating company employees.
Automated Attack Drains Hundreds of EVM Wallets
An attacker has drained funds from hundreds of crypto wallets across Ethereum Virtual Machine–compatible networks, siphoning small amounts from each address in what investigators described as a coordinated, low-value operation.
Onchain sleuth ZachXBT said the losses, typically under $2,000 per wallet, point to a broad campaign rather than an isolated breach.
Security firms warned the activity appears automated, with early evidence pointing to phishing emails that spoofed MetaMask branding and potentially malicious browser extensions.
Cybersecurity firm Hackless urged affected users to revoke smart contract approvals and closely monitor wallet activity as a precaution.
The incident comes amid heightened scrutiny of wallet security following a separate Trust Wallet breach disclosed in December, in which roughly 2,600 wallets were compromised in a supply-chain attack.
While it remains unclear whether the two cases are directly connected, the overlap highlights ongoing risks facing users across EVM-based networks despite a recent decline in overall crypto exploit losses.
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