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Crypto

Ripple CTO Exposes Sophisticated Scam Tactics Mimicking Crypto Exchanges

Christian Encila
by Christian Encila
7 months ago
·
Posted in News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In response to a phishing operation especially meant to target users of the cryptocurrency exchange Coinbase, David Schwartz, Chief Technology Officer of Ripple, has issued a warning to the XRP community.

This warning is a result of ongoing efforts to protect crypto holders against the growing complexity of newly developed schemes in the realm of digital assets.

Related Reading: Litecoin Team Battles Hackers After Fake Token Promotion On X

Don’t Click That Link

Schwartz shared a screenshot of a fraudulent email that appeared to originate from Coinbase in a post on social media platform X (formerly Twitter). The email encouraged recipients to click on a link to “update” their account information, asserting that certain details necessitated a review in order to provide improved service.

Schwartz said that “every email like this is a scam”, emphasizing that such emails are fraudulent. He cautioned users against clicking any links in these messages, as they frequently direct users to malicious websites that are intended to steal confidential information.

Scam Warning: If you see an email that looks like this, it’s a scam. pic.twitter.com/klneRy7dor

— David “JoelKatz” Schwartz (@JoelKatz) January 11, 2025

It’s A Trap

The fraudulent emails are intentionally constructed to closely resemble legitimate communications from Coinbase, which makes them particularly deceptive. Typically, they contain links that appear to be legitimate but instead direct users to sites that are under the control of fraudsters. Upon accessing these websites, users may be compelled to submit sensitive information or download harmful software.

XRP is currently trading at $2.44. Chart: TradingView

Schwartz’s warning highlights the need for cryptocurrency users to exercise caution, especially given the increasing frequency of scams that prey on holders of digital assets. The response from the XRP community has been overwhelmingly favorable, and many users have thanked Schwartz for taking the initiative to share such important information.

Raising Awareness

Members of the community have praised him for his efforts to safeguard users’ money and alert them to any risks. An account on X with a sizable following recognized Schwartz’s efforts to protect the community.

Schwartz has been vocal about the various schemes that impact the crypto space, and this warning is not an isolated incident. In recent times, he has also advised against participating in crypto airdrop schemes, as they can lead to significant financial losses due to tax implications in a variety of jurisdictions.

Related Reading: Bitcoin In Meta’s Future? Investor Makes Bold Treasury Proposal

Common Sense

At the end of day, the rule of thumb is vigilance and common sense. To protect their money and avoid falling prey to deceit, users should check suspicious communications with official sources and follow tight security protocols.

Featured image from Pexels, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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