Ripple CTO Unveils Fake Coinbase Email Targeting Crypto Users

• Ripple CTO David Schwartz warned of an elaborate phishing scam using SMS and email.  
• The SEC has appealed a court ruling in favor of Ripple, reigniting legal tensions.  
• Ripple’s Chief Legal Officer criticized the SEC’s appeal and questioned its timing.

Ripple CTO David Schwartz used social media to warn about another scam targeting Ripple users. He wrote:

“Yet another elaborate scam attempt today using both SMS and email. This is a scam. Do not fall for it.

Crypto Scammers Ramp Up Attacks

The top executive shared a screenshot of a fraudulent email that appears to be from Coinbase. The email includes details about a case with asset shielding, including the case ID, representative’s name, date and time of the call, and instructions on what to do if the call is disconnected.

To seem more legitimate, it also included a disclaimer stating that Coinbase is not liable for non-delivery or delayed delivery due to circumstances beyond its control.

However, it’s important to note that this email is a scam, and Coinbase did not send it. This is not the first time Schwartz has issued a scam warning. Previously, he’d warned users of a phishing attempt that used a fake X account.

Schwartz’s warning highlights the increasing threat of scams in the crypto space, where scammers often impersonate legitimate companies or influential figures to trick users into clicking on malicious links. Sometimes, these scammers even hack verified accounts to push phishing links or spread misinformation.

This incident comes as Ripple, the blockchain company behind the XRP token, faces a high-profile legal battle with the SEC.

Ripple’s Legal Adviser Questions SEC’s Credibility

The US regulator appealed a district court ruling in favor of Ripple. The SEC argues that the decision contradicts established Supreme Court precedents and securities laws.

The core issue is whether XRP, Ripple’s native token, is a security. The SEC initially accused Ripple of selling unregistered securities, a claim Ripple has strongly denied. The company maintains that XRP is not a security and has not violated any laws.

Read also: SEC’s Ripple Appeal Doesn’t Target XRP Secondary Sales, Clarifies Attorney

Ripple’s Chief Legal Officer, Stuart Alderoty, has publicly criticized the SEC’s actions, questioning its timing, especially since the agency’s Enforcement Director resigned just before the appeal announcement, raising further questions about the SEC’s credibility.

As Ripple deals with these legal challenges, the crypto community must remain vigilant against scams that seek to exploit the increased attention. Users should be cautious and avoid engaging with unsolicited emails or SMS messages.