Scam Advisory: Impersonation & Phishing Campaigns

Last Updated: August 17, 2026

System Status: All Systems Operational

Phishing and impersonation scams present a serious threat to self-custody security. CoolBitX (CoolWallet) is committed to protecting our users and their assets. To help you verify authentic communications and avoid increasingly aggressive scams, we have compiled this live advisory detailing known tactics and official safety guidelines.

⚠️ Critical Safety Notice: CoolWallet Cannot and Will Never "Lock" Your Card Scammers often claim that CoolWallet will lock or suspend your card due to "KYC compliance," "system upgrades," or "regulatory audits." CoolWallet operates on a fully decentralized architecture—we have no remote control or technical capability to lock, freeze, or disable your physical card. Any message claiming otherwise is 100% a scam.

Active Scam Alert: Fake USDT Schemes & Impersonation

We are actively tracking reports of bad actors impersonating CoolWallet leadership to promote fraudulent investment schemes. Please exercise extreme caution regarding the following:

1. Fake USDT Investment Ads

  • The Scam: Fraudsters are placing misleading advertisements on platforms like Shop Together , unauthorizedly using the image of our CEO/Founder, Michael Ou. These ads promote fake yield schemes (e.g., "Weave Your Abundant Chapter" ), promising fixed monthly returns in USDT.

  • Official Statement: Neither CoolWallet nor our CEO operates, authorizes, or endorses any USDT yield programs, asset management, or managed trading services.



2. Forged Donation Receipts

  • The Scam: To build false credibility, scammers are distributing forged donation receipts under the name of the Dandelion Hope Foundation .These fake documents feature forged signatures and seals, listing "Michael Ou" alongside large donation amounts.

  • Official Statement: These receipts, official seals, and signatures are completely fraudulent. Do not be misled by these attempts to project corporate philanthropy.

 

Legal Action: CoolWallet’s legal team has documented all evidence and reported these image rights infringements and document forgeries to law enforcement authorities.

The Golden Rules of Security

  • Never share your recovery phrase: CoolWallet support, employees, or partners will NEVER ask for your 12, 18, or 24-word seed phrase under any circumstances.

  • We will never call or text you: We do not provide outbound phone support or send unsolicited SMS messages. Hang up immediately if you receive a call from someone claiming to be CoolWallet.

  • No unsolicited DMs: Official CoolWallet staff will never message you first on Telegram, Discord, X (Twitter), Instagram, or LINE.

Verified Official Channels

Always verify the domain and social media handles before clicking any link or entering credentials:

  • Official Website: coolwallet.io / www.coolwallet.io

  • Help Center & Support: help-center.coolwallet.io

  • GitHub Repository: [github.com/CoolBitX-Technology](https://github.com/CoolBitX-Technology)

  • Official Email Domains: @coolbitx.com / @coolwallet.io

  • Official X (Twitter): @CoolWallet

  • Official FB: [facebook.com/coolwallet](https://facebook.com/coolwallet)

  • Official IG: @coolwallet_global

Note: CoolWallet does NOT provide customer support via Telegram, LINE, or WhatsApp. Any individual or group claiming to represent us on these messaging platforms is a scam.

Action Plan: What to Do If Targeted

Scenario A: You entered your recovery phrase on a suspicious site or fake app

  1. Consider It Compromised: Your current seed phrase is no longer safe. Stop using that wallet immediately.

  2. Create a Fresh Wallet: Initialize a new setup on an uncompromised device or reset your CoolWallet to generate a brand-new recovery phrase.

  3. Transfer Assets: Immediately transfer any remaining funds from the old wallet addresses to your new, secure CoolWallet addresses via standard on-chain transactions.

Scenario B: You clicked a suspicious link or signed an unknown transaction

  1. Revoke Approvals: If your seed phrase is safe but you signed a malicious contract, use trusted tools like Revoke.cash or Rabby Wallet to inspect and revoke all active token allowances on your address.

  2. Move Funds: If you suspect ongoing risk, transfer your funds to a newly generated address.

Report Phishing & Contact Support

If you encounter suspicious ads, fake websites, or phishing attempts:

  • Report Scams: Forward screenshots or links directly to support@coolbitx.com.

  • Contact Support: For any questions or further assistance, please email us at support@coolbitx.com.