According to Cointelegraph, a number of cryptocurrency users have recently received a large number of fraudulent emails posing as exchanges Coinbase and Gemini. These emails claim that users must transfer their assets to self-custodial wallets by April 1 and provide pre-generated mnemonic words. The scammers claimed that due to a class action lawsuit, the court required users to manage their own wallets, and Coinbase would operate only as a registered broker. Coinbase has confirmed the fraud and stressed that it will never send mnemonics to users, nor should users use mnemonics provided by others.