Ripple CTO Schwartz Warns Community of New Coinbase Scam

The Ripple CTO David Schwartz has updated the XRP community on a new widespread scam involving crypto exchange Coinbase.

Often vocal in his social handle, Schwartz has a reputation for interacting with the XRP community. Most recently, he has proven his sense of leadership by updating the XRP Army on a new phishing trick scammers employ to defraud users.

In a tweet today, the Ripple CTO called the community’s attention to a new email defrauders use. The ploy entails posing as the largest American crypto exchange, Coinbase, to access users’ accounts.

New Scam Alert

Schwartz shared an image of the scam email, in which the senders claim to be representatives of Coinbase. The defrauders try to grab users’ attention by informing them that the details of their accounts need a review to ensure smoother dealings with the exchange.

The email also contains an “Update My Account” link, which is possibly a phishing link providing the bad actors access to the victim’s account. Schwartz warned users that the email is a scam, suggesting they ignore it.

Community Confirms Receipt, Praises Schwartz

Meanwhile, a few investors have confirmed the receipt of the email. One user claimed his own email came with an accompanying call from a Canadian line posing as Coinbase support. However, he confirmed he did not fall for the trick.

Other community members appreciated Schwartz’s effort to give the community a heads-up. A user lauded the Ripple CTO as a “true community caretaker,” while others agreed with the narrative.

Notably, Schwartz, who has spent 12 years with Ripple, had previously advised the XRP community against making the wrong decisions. For instance, he warned enthusiasts against seeing the RLUSD launch as an opportunity to get rich.

This came after the RLUSD supply shortage and heightened demand sparked price fluctuations, with the stablecoin touching $1,200 per coin at some point. Schwartz explained the instability, insisting the variation would subside over time.