Ripple CTO David Schwartz Issues Urgent Warning on New Scams

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David Schwartz, Ripple’s Chief Technology Officer (CTO), has recently issued a scam alert that has sent ripples through the crypto community. Schwartz took to his social media account to warn his followers about a new scam targeting individuals in the crypto space.

New Scam Posing as a Department in Coinbase

In his post on X, he revealed that scammers had tried to contact him by text and email, posing as the ‘Asset Shielding Department’ of the popular cryptocurrency exchange, Coinbase. The phishing attempt aimed to deceive Schwartz into sharing his personal information, presumably to gain unauthorized access to his assets or sensitive data.

Yet another elaborate scam attempt today using both SMS and email. This is a scam. Do not fall for it. pic.twitter.com/Bb7EVDhIOb
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— David “JoelKatz” Schwartz (@JoelKatz) October 4, 2024

Schwartz urged the XRP community to remain vigilant and not fall for similar tricks. He emphasized the importance of being cautious when one receives unsolicited communications that request sensitive information. As a precaution, Schwartz advised users to carefully scrutinize any messages claiming to come from cryptocurrency platforms and always verify through official channels before taking action.

Crypto Scams Rising

This warning from the Ripple CTO is part of a broader trend of increasing cryptocurrency scams. Recently, a team member from the Shiba Inu project, DaVinci, alerted the community about scams involving fake tokens. He emphasized the decentralized nature of the exchange, noting that while they cannot prevent these fraudulent tokens from trading, they can inform and caution investors.

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

David Schwartz Remains Loyal to Ripple

Recall that in April, David affirmed that his loyalty to Ripple is hinged on his personal and professional values. David Schwartz joined Ripple Labs after an invitation from co-founder Chris Larsen, accounting for his loyalty. He has since pledged to remain loyal to the firm as long as it continues to earn his loyalty.

Schwartz reassured everyone that his strong commitment is not influenced by financial gain, despite concerns about potential conflicts of interest stemming from his substantial investment in Ripple stock. He restated his dedication to transparency and ethical behavior. Likewise, he stated his willingness to distance himself from Ripple if his values are compromised.