Source: Cointelegraph Original: "{title}"

Cryptocurrency users report an increase in scam emails recently, which disguise themselves as coming from cryptocurrency exchanges Coinbase and Gemini, attempting to lure users into creating a new wallet controlled by the scammers, complete with pre-generated recovery phrases.

In several cases posted on the X platform, the emails claim to be from Coinbase, urging users to transition to a self-custody wallet and providing instructions to download the official Coinbase Wallet, while setting April 1 as the deadline for the switch.

Source: Steve Kaczynski

However, the emails also provide pre-generated recovery phrases. Once users open a new wallet using these phrases and transfer funds, all assets will be accessible to the threat actors, allowing the scammers to withdraw all funds from the wallet.

The emails mention a class-action lawsuit against Coinbase, accusing it of selling unregistered securities, with the court requiring users to manage their wallets independently.

This fraudulent email states: "Coinbase will operate as a registered broker-dealer, allowing purchases, but all assets must be transferred to Coinbase Wallet."

The U.S. Securities and Exchange Commission (SEC) dismissed its lawsuit against Coinbase on February 27, accusing Coinbase of being an unregistered broker and selling unregistered securities.

Coinbase stated in an interview with Cointelegraph that it is aware of this scam and pointed to a statement released on March 14 on the X platform, stating: "We will never send you recovery phrases, and you should never enter recovery phrases provided by others."

Source: Coinbase Support

Cryptocurrency exchange Gemini has also encountered the same recovery phrase email scam, using the same tactics, claiming users need to set up a new wallet due to a recent court ruling.

Gemini was previously sued by the SEC for allegedly offering unregistered securities through its Earn program. The regulatory agency decided to terminate this legal action on February 26.

Source: Sukesh Tedla

Gemini did not immediately respond to Cointelegraph's request for comment.

The annual Web3 security report from blockchain security firm CertiK indicates that cryptocurrency phishing attacks are the most severe security threat in 2024, with users losing $1 billion across 296 incidents.

As these email scams occur, at least three cryptocurrency founders have reported successfully thwarting attacks from suspected North Korean hackers, who attempted to steal sensitive data through fake Zoom meetings.

The scammers have been targeting cryptocurrency founders, arranging meetings to discuss collaboration opportunities, but once the call begins, they send a message pretending to have audio issues along with a new call link to install malware.

Related: Cryptocurrency platform Debiex ordered to pay $2.5 million in CFTC "pig butchering" case.

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