Betterment users reported receiving a scam-like notification on Friday inviting them to send large amounts of cryptocurrency in exchange for guaranteed returns, sparking confusion and concern on social media.
Key points to remember:
- Betterment users were targeted with a scam message promising to triple crypto deposits using urgency and guaranteed returns.
- The company said the notification was unauthorized and was sent via a third-party communications system.
- The incident shows continued crypto risks driven by social engineering and deceptive wallet-related scams.
According to posts shared on Reddit, the message claimed that Betterment was “giving back” after its best-performing year and promised to triple Bitcoin and Ethereum deposits sent in a limited three-hour window.
The notification asked users to transfer up to $10,000 in crypto to specified wallet addresses, with the assurance that $30,000 would be returned to the sender.
Fake Upgrade Message Mimics Common Crypto Scam Tactics
Screenshots circulating online showed the message presented as an official promotion, with some users claiming to have received similar language via email.
The structure and wording closely resemble common crypto scams that rely on urgency and unrealistic guarantees to incentivize quick action.
Betterment later admitted to the incident, saying the post was unauthorized.
In a statement posted to X, the company said the notification was sent through a third-party system used for marketing and customer communications and should be ignored.
“This is not a real offer,” Betterment said, adding that he apologized for the confusion the post caused.
Betterment is an automated investing service (a “robo-advisor”) that creates and manages low-cost, diversified portfolios of 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.
A victim lost $50 million after mistakenly copying a fraudulent address that visually mimicked their intended destination.
Another major incident involved a private key leak linked 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 about 100 Coinbase users by posing as company employees.
Automated attack drains hundreds of EVM wallets
An attacker drained funds from hundreds of crypto wallets on networks compatible with the Ethereum virtual machine, siphoning small sums from each address in what investigators described as a coordinated, low-value operation.
Onchain detective ZachXBT said the losses, typically less than $2,000 per wallet, indicate a broad campaign rather than an isolated breach.
Security companies warned that the activity appeared automated, with early evidence pointing to phishing emails spoofing the MetaMask brand and potentially malicious browser extensions.
Cybersecurity company Hackless urged affected users to revoke smart contract approvals and closely monitor wallet activity as a precaution.
The incident comes amid increased scrutiny of wallet security following another Trust Wallet breach revealed in December, in which approximately 2,600 wallets were compromised in a supply chain attack.
While it is unclear whether the two cases are directly related, the overlap highlights the continued risks faced by users of EVM-based networks, despite a recent decline in overall losses from crypto exploits.
The article Scam Notification Promising Crypto Triple Returns Sent to Enhancement Accounts appeared first on Cryptonews.
