Ripple CTO David Schwartz has sent out an crucial warning to community members regarding a number of rampant scams. With prices rising again in the cryptocurrency market, scammers are back in full force and tend to focus on the community as their target victims to justify these types of warnings.
Ripple CTO warns community against scams
A up-to-date type of scam has spread targeting X (formerly Twitter), apparently exploiting the fear of account bans to compromise user accounts. The DM, which was posted by another X user, @3YearLetterman, reveals a threatening message from someone posing as a member of Team X.
The content of the DM shows the initial accusation that user X’s account was being investigated for copyright infringements. They then asked the recipient to submit their feedback on the matter via a form.
However, the link attached to the chat is malicious and will trick user X into sharing his account details, thus compromising his account. The DM is then signed to the X support team, presumably to create the illusion that this is actually correspondence from the real X team.
In response to the post, Ripple’s CTO urged users to ignore all such messages when they receive them as they are simply trying to steal their login credentials. “WARNING: If you receive a DM about something like this, it is a counterfeit message. The link leads to a phishing site that collects your login and personal information,” Schwartz said.
NOTE: If you receive a DM about something like this, it is counterfeit. The link leads to a phishing website that will collect your login and personal data. (Also follow @3YearLettermanhe’s hilarious and gives great tips on financing waterbeds.) https://t.co/g2OMCjkB2v
— David “JoelKatz” Schwartz (@JoelKatz) June 5, 2024
Cryptocurrency scams are on the rise
Recently, another prominent figure in the crypto space warned community members about rampant scams. Team Shiba Inu member DaVinci posted about scammers creating multiple variations of the team’s unlaunched TREAT token in order to steal investors’ funds.
Like Ripple’s CTO, DaVinci urged caution when interacting with tokens on the decentralized exchange ShibaSwap. He explained that given the decentralized nature of the exchange, they cannot stop the trading of these tokens, but they can warn and inform investors.
Last month, Canadian authorities also took the initiative to warn their citizens amid an alarming enhance in cryptocurrency scams. One of the main scams targeting investors is romance scams, where the scammer convinces his victims to invest in a crypto website, resulting in a scam.
This is because the number of investors holding cryptocurrencies is constantly growing. Due to the fairly anonymous nature of cryptocurrencies, this makes them a prime hunting ground for these scammers.
