ChainCatcher news, according to Cointelegraph, recently, multiple cryptocurrency users have reported an increase in phishing emails impersonating cryptocurrency exchanges Coinbase and Gemini. These emails attempt to lure users into setting up new wallets using pre-generated recovery phrases controlled by the scammers, thereby stealing user assets. In several examples posted on the X platform, the phishing emails claim to be from Coinbase, urging users to transition to self-custody wallets and providing instructions to download the legitimate Coinbase wallet, while setting April 1 as the deadline for the transition. The emails also include pre-generated recovery phrases. Once users open new wallets and transfer funds using these phrases, all assets will fall into the hands of the scammers, who may directly empty the wallets.The emails also mention a class-action lawsuit against Coinbase, falsely claiming that it was ordered by the court to have users manage their own wallets due to the sale of unregistered securities. The fraudulent emails state: "Coinbase will operate as a registered broker, allowing purchases, but all assets must be transferred to the Coinbase wallet." In fact, the U.S. Securities and Exchange Commission (SEC) dismissed the lawsuit against Coinbase for being an unregistered broker and selling unregistered securities on February 27. Coinbase responded by stating that they are aware of this scam and issued a reminder to users on March 14 via the X platform: "We will never send you recovery phrases, and you should not enter recovery phrases provided by others." Additionally, the cryptocurrency exchange Gemini has also encountered similar phishing emails. The scammers use the same strategy, claiming that users need to set up new wallets due to a recent court ruling.Gemini was previously sued by the SEC for allegedly offering unregistered securities through its Earn program, but the regulatory agency chose to terminate legal action on February 26.