Crypto users have reported a surge in scam emails impersonating the crypto exchanges Coinbase and Gemini. These emails falsely claim that users must transition their crypto to new wallets by April 1, providing pre-generated recovery phrases controlled by scammers. The fraudulent emails suggest that due to a class-action lawsuit, users are required to manage their own wallets and cite a court directive mandating this action. Coinbase has warned users through social media that it will never send out recovery phrases. Similarly, Gemini has been targeted with identical scams, misleading users into believing they need to create new wallets due to recent legal regulations. Security firm CertiKā€™s report highlighted that scams like these are a significant threat in the crypto ecosystem, emphasizing the need for caution among cryptocurrency users.

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