Crypto users in India are on high alert as reports of new scam emails impersonating popular crypto exchanges, including Coinbase and Gemini, have surfaced. These scam emails entice users to create a new wallet with pre-generated recovery phrases controlled by scammers. The emails, resembling official communication from Coinbase, instruct users to transition to self-custodial wallets and download the legitimate Coinbase Wallet by a specified deadline. However, the email also provides pre-generated recovery phrases, which, if used, could give scammers access to the user’s assets. The fraudulent emails mention a class-action lawsuit against Coinbase and falsely claim that users must manage their own wallets due to a court decision. Similarly, Gemini users have also been targeted with the same recovery phrase email scam, citing a recent court ruling. Despite this, Gemini has not responded to requests for comments. These scams come at a time when phishing attacks are identified as the most significant security threat in the crypto industry. The annual Web3 security report by CertiK highlighted that crypto phishing attacks have cost users $1 billion across 296 incidents. This alarming trend of scams targeting crypto users is further exemplified by recent attempts by alleged North Korean hackers to steal sensitive data from crypto founders through fake Zoom calls. These hackers pose as potential partners and trick founders into clicking on malicious links during the call. With the crypto industry facing increasing security threats, users are advised to remain vigilant and avoid sharing sensitive information or recovery phrases with unknown sources.