David Schwartz, CTO of Ripple has sent a crucial warning to community members regarding a number of scams that have been increasing. With the crypto market price recovering, scammers are back in force and they tend to focus on one community as their target victim, which warrants warnings such as this.
Ripple CTO warns community about scams
A new type of scam targeting X (formerly Twitter) has been making the rounds, apparently exploiting the fear of having accounts banned as a way to hack user accounts. The DM, which was posted by another X user who goes by the name @3YearLetterman, reveals a threatening message from someone claiming to be from Team X.
The contents of the DM show an initial accusation that User X’s account was under investigation for copyright infringement. They then asked the recipient to provide feedback on this issue via a comprehensive form.
However, the link attached to the DM is malicious and will trick user X into sharing their account details, thereby compromising their account. The DM is then signed with Support Team X, presumably to sell the illusion that this was actually a match from the real Team X.
In response to this message, Ripple’s CTO urged users to ignore all messages like these when they receive them, as they are simply trying to steal their login credentials. “WARNING: if you receive a DM like this, it is fake. The link leads to a phishing site that will collect your ID and personal information,” Schwartz said.
PLEASE NOTE: If you receive a DM that looks like this, it is fake. The link leads to a phishing site that will collect your username and personal information. (Also follow @3YearLettermanhe’s hilarious and gives great advice on financing waterbeds.) https://t.co/g2OMCjkB2v
– David “JoelKatz” Schwartz (@JoelKatz) June 5, 2024
Crypto scams are on the rise
Recently, another prominent figure in the crypto world warned community members about widespread scams. DaVinci, a member of the Shiba Inu team, posted about scammers creating multiple variations of the team’s unlaunched TREAT token to steal investor funds.
Much like Ripple’s CTO, DaVinci urged individuals to be careful when interacting with tokens on decentralized exchange ShibaSwap. He explained that given the decentralized nature of the exchange, they cannot prevent the trading of these tokens, but they can warn investors and inform them.
Last month, Canadian authorities have also taken the initiative to warn its citizens due to the alarming increase in crypto scams. One of the major scams targeting investors includes romance scams, in which the scammer convinces their victims to invest in a crypto site, which ends up being fraudulent.
This comes as the number of investors holding cryptocurrencies continues to rise. Due to the rather anonymous nature of cryptocurrencies, this makes them a privileged hunting ground for these crooks.
