Ripple CTO David Schwartz has sent a crucial warning to the community members in regards to a number of scams that have been proliferating. With the crypto market prices recovering once more, scammers are back in full force and they tend to hone in on a community as their target victims, warranting warnings such as this.

A new type of scam targeting X (formerly Twitter) has made the rounds, seemingly harnessing the fear of accounts getting banned as a way to hack user accounts. The DM, which was posted by another X user who goes by @3YearLetterman, reveals a threatening message from someone pretending to be from the X team.

The contents of the DM show an initial accusation that the X user’s account was being investigated for copyright violations. They further went on to ask the recipient to provide feedback on this issue through completely a form.

However, the link attached to the DM is a malicious one which will trick the X user into sharing their account details, and thereby compromising their account. The DM is then signed with X Support Team, presumably to sell the illusion that this was actually a correspondence from the real X team.

Responding to the post, the Ripple CTO urged users to ignore all messages like these when they receive them as they are just trying to steal their login information. “CAUTION: If you receive a DM anything like this, it is fake. The link goes to a phising site that will collect your login and personal information,” Schwartz said.

CAUTION: If you receive a DM anything like this, it is fake. The link goes to a phising site that will collect your login and personal information. (Also, follow @3YearLetterman, he’s hilarious and provides great tips on waterbed financing.) https://t.co/g2OMCjkB2v

— David “JoelKatz” Schwartz (@JoelKatz) June 5, 2024

Recently, another prominent figure in the crypto space warned community members of rampant scams. DaVinci, a Shiba Inu team member, posted about scammers creating multiple variations of the team’s unlaunched TREAT token to steal investors’ funds.

Just like the Ripple CTO, DaVinci urged individuals to be careful when interacting with tokens on the ShibaSwap decentralized exchange. He explained that given the decentralized nature of the exchange, they cannot stop these tokens from trading, but they can warn investors and have them informed.

Last month, Canadian authorities also took the initiative to warn its citizens due to the alarming rise in crypto scams. One of the major scams targeting investors include romance scams, where the scammer convinces their victims to invest in a crypto site, which ends up being fraudulent.

This comes as the number of investors who are holding cryptocurrencies continue to be on the rise. Due to the rather anonymous nature of cryptocurrencies, it makes it a prime hunting ground for these scammers.

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