Ripple CTO David Schwartz Issues Urgent Warning on New Crypto Scams

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Ripple CTO David Schwartz has recently issued a warning to the crypto community regarding a surge in digital asset scams. With the market prices recovering, scammers have intensified their efforts, targeting unsuspecting community members.

New Scam Targets X Users: Ripple CTO

A new type of scam has emerged on social media platform X (formerly known as Twitter), exploiting users’ fears of account bans to steal their information. This scam involves direct messages (DMs) that appear to be from the X team, accusing recipients of copyright violations and asking them to fill out a form to address the issue. The form link, however, is malicious and designed to capture users’ login details, thereby compromising their accounts.

The scam was highlighted by an X user 3YearLetterman, who posted a screenshot of the threatening DM. The message is crafted to look legitimate, even signing off with “X Support Team” to enhance the illusion.

Schwartz responded to this post, urging users to ignore such messages. “CAUTION: If you receive a DM anything like this, it is fake. The link goes to a phishing site that will collect your login and personal information,” he stated.

Crypto Scams Rising

This warning from the Ripple CTO is part of a broader trend of increasing cryptocurrency scams. Recently, DaVinci, a team member from the Shiba Inu project, also alerted the community about scams involving fake tokens.

Scammers have been creating multiple variations of the team’s unlaunched TREAT token on the ShibaSwap decentralized exchange to steal investors’ funds. DaVinci emphasized the decentralized nature of the exchange, noting that while they cannot prevent these fraudulent tokens from trading, they can inform and caution investors.

In addition to warnings from crypto insiders, authorities are also sounding the alarm. Last month, Canadian authorities issued a public alert due to a significant rise in crypto scams. One prevalent scam involves “romance scams,” where fraudsters build a romantic relationship with victims and then persuade them to invest in fraudulent crypto sites.

Increased Investor Vulnerability

The resurgence of these scams coincides with a growing number of investors holding cryptocurrencies. The anonymous nature of digital assets makes them particularly attractive to scammers. As the market continues to recover and attract new investors, the risk of falling victim to these scams increases.

Users should be proactive in securing their accounts, using strong passwords, and enabling two-factor authentication wherever possible.

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