Ripple’s CTO Warns About Sophisticated Crypto Scams

In the recent turn of events, an email scam is being circulated using Coinbase, a well known cryptocurrency exchange, to trick unsuspecting users which was highlighted by Ripple’s CTO David Schwartz. The phishing email falsely claims that an individual’s case is under review by Coinbase’s “Asset Shielding Department,” providing a fake phone number for contact and urging users to confirm sensitive information during supposed phone call with the representative. 

Yet another elaborate scam attempt today using both SMS and email. This is a scam. Do not fall for it. pic.twitter.com/Bb7EVDhIOb

— David “JoelKatz” Schwartz (@JoelKatz) October 4, 2024

Ripple’s CTO warns users of Coinbase Scam

Ripple’s Chief Technology Officer, David “JoelKatz” Schwartz, highlighted this growing issue with a post on X platform, cautioning users about yet another elaborate scam using both SMS and email. Schwartz, one of the original architects of the XRP Ledger, emphasized the rise in sophisticated phishing attempts designed to steal personal information. 

The email in question (as shown in the image above) appears quite convincing as it bears Coinbase’s logo and a professional design layout which would trick users into revealing sensitive data, such as account details, account credentials or wallet keys, by making the email appear official and time-sensitive. However, upon closer inspection, there are clear red flags, such as the sender’s suspicious email address and the unusual case verification process. The scammers behind this phishing attempt aim to exploit user’s trust in Coinbase by requesting them to share personal details over the phone under the guise of employee verification. 

This incident follows numerous other attempts to trap cryptocurrency users. Scammers often use the names of major crypto platforms, like Coinbase, to add legitimacy to their schemes.

Ripple Scams in the Comment Section

Ironically, in the comments section of the post, scammers did not hesitate and posted another scam post (which was later deleted) stating that Ripple is launching airdrops for 5000 XRP and 1000 XRP tokens as a form of appreciation for the community members for supporting XRP during the legal battle with SEC. 

David Schwartz’s warning serves as a reminder to the crypto community to remain vigilant against such fraudulent messages and also indicates the importance of staying alert in the digital age. This messages also urges users to not give in for such scams without verifying the details from the official websites or customer services.

Also Read: US Job Data Crushes 50 bps Fed Rate Cut Hopes, Bitcoin to Dip?