TechFlow reports that on March 17, according to Cointelegraph, numerous cryptocurrency users recently received a large number of phishing emails impersonating exchanges Coinbase and Gemini. These emails claim users must transfer their assets to self-custody wallets by April 1 and provide pre-generated recovery phrases.
The scammers claim that due to a class-action lawsuit, court orders require users to manage their own wallets, while Coinbase will operate solely as a registered broker-dealer.
Coinbase has confirmed this scam activity and emphasized it will never send recovery phrases to users, and users should never use recovery phrases provided by others.
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