Ripple CTO David Schwartz Raises Alarm On This New Scam

The Ripple community is on high alert following a recent warning from Chief Technology Officer (CTO) David Schwartz regarding a sophisticated scam targeting unsuspecting OpenSea users.

The scheme exploits the excitement surrounding NFTs to lure victims into compromising their personal information and cryptocurrency holdings.

Schwartz first brought attention to the scam through a post on X, sharing a screenshot of a deceptive email crafted by the perpetrators. Disguised as official communication from OpenSea, the email claims to inform the recipient about a purported bid on an NFT listed on the marketplace. The screenshot reveals an offer for 0.98 Wrapped Ethereum (WETH).

How Does the Scam Work?

The email urges the recipient to confirm their connection to view the bid offer. Embedded within the email is a link, supposedly directing the user to the offer details. However, the link is cleverly a disguised trap.

Schwartz revealed that hovering the mouse over the link reveals its true destination – a SurveyMonkey URL. This mismatch serves as a telltale sign of a phishing attempt, confirming the email’s fraudulent nature.

SurveyMonkey is a legitimate online platform used for creating and distributing surveys. In this instance, however, the scammers exploit its functionality. Clicking the link would have redirected the victim to a fake OpenSea page designed to mimic the real platform. From there, the attackers would attempt to steal sensitive login credentials to get to their cryptocurrency holdings.

Fortunately, the scammers’ plot was foiled, thanks to SurveyMonkey’s swift intervention. Upon learning of the malicious link, the platform promptly blocked it, thwarting potential harm.

Escalating Number of Crypto Scams

While Schwartz’s timely intervention mitigated this threat, the underlying issue remains a growing concern. The increased adoption and growing value within the crypto industry attract opportunists seeking easy gains through nefarious means.

In November 2023, the XRP community faced a similar threat with a fake YouTube giveaway scam exploiting the likeness of Ripple CEO Brad Garlinghouse. Despite Schwartz’s warning, the video remained online, exposing users to potential dangers.

The XRP community isn’t the only crypto community being targeted, as the SHIB army was targeted by a sophisticated scam employing fake price prediction websites in December.

The crypto community has to stay informed and exercise caution, especially when dealing with sensitive information. Some easy steps to take to protect yourself against scams are to never click suspicious links, not engage with unsolicited offers promising financial gains, only communicate with exchanges or platforms through official platforms, and maintain strong cyber security practices like using strong passwords and two-factor authentication.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.