Beware of scams exploiting Ripple’s success, CTO David Schwartz warns Beware of scams exploiting Ripple’s success, CTO David Schwartz warns
Malicious players are trying to profit from Judge Torres's landmark ruling, spreading phishing links on Twitter.
2 min read
Updated: Jul. 14, 2023 at 10:27 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple (XRP) Chief Technology Officer (CTO) David Schwartz has warned of fraudulent schemes seeking to exploit the recent success of the crypto payment company to spread phishing links of fake airdrops.
In a July 14 tweet, Schwartz revealed that scammers were attempting to deceive and steal from unsuspecting individuals, taking advantage of the positive news surrounding the crypto payment firm. According to Schwartz, Ripple is not giving any airdrops, giveaways, or special offers to celebrate its recent partial victory against the U.S. Securities and Exchange Commission (SEC).
He said:
“A lot of scammers are taking advantage of the recent good news to try to cheat and steal. There are no airdrops, giveaways, or special offers associated with this ruling.”
On June 13, Judge Analisa Torres ruled that XRP’s programmatic sales do not constitute an offer and sale of an investment contract or securities. Following the ruling, XRP’s value rose by more than 70% to as high as $0.82 before retracing to its current $0.78 at the time of writing.
The ruling also influenced several U.S.-based exchanges, including Coinbase, Kraken, Binance.US, Crypto.com, Gemini, and others, to immediately relist the XRP token.
Fake Ripple airdrop top Twitter searches
Several bad actors, posing as Ripple, are spreading phishing links, targeting the XRP community with promises of an airdrop.
The first response users searching for “Ripple XRP” get on Twitter is from a fake Ripple account tweeting a malicious link that has garnered significant attention, with over 14,000 retweets and around 100,000 views, primarily from bot accounts.
Meanwhile, it was unclear whether these fraudulent airdrop announcements had affected or misled any XRP user at the time of writing.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
David Schwartz holds the pivotal role of Chief Technology Officer at Ripple, where he has been instrumental in shaping the technological framework of the company.