Wednesday, June 19, 2024
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Ripple CTO Sends Crucial Warning to XRP Holders

Ripple’s Chief Technology Officer (CTO), David Schwartz, played a vital role in protecting XRP holders and the wider cryptocurrency community from a recent phishing attempt. Someone pretending to be the official Loopring protocol account on X (denoted by @loopringorg)  published false information.

This fake account claimed that Loopring had suffered a security breach and was offering user compensation. Schwartz identified the post as a scam and promptly alerted his followers. In response to the alert, the fake X account was swiftly suspended.

Read Also: Crypto Dips You Should Be Buying – Decentraland, Loopring, And Rocketize Token 

Loopring Smart Wallets Targeted in Security Incident

Following Schwartz’s intervention, Loopring’s official X account (@loopringorg) clarified the situation. They confirmed a security incident involving some Loopring Smart Wallets. Hackers compromised the platform’s two-factor authentication (2FA) service, allowing them to bypass security measures and steal assets from targeted wallets.

The attackers manipulated the 2FA system to gain unauthorized approval for ownership reset and subsequent withdrawal of cryptocurrencies. Loopring has temporarily halted all operations related to its Guardian service, which was exploited in the attack.

Collaborative Investigation Underway

Loopring is actively working with cybersecurity experts from Mist to determine the specific vulnerability that enabled the attackers to breach the 2FA system. Additionally, they are collaborating with law enforcement agencies to track down the culprits.

The Loopring team has published the addresses associated with the hacker’s wallets and has appealed to the cryptocurrency community for assistance. They encourage anyone with information that might aid in apprehending the hackers to come forward.

Importance of Vigilance in the Cryptocurrency Space

This incident highlights the importance of remaining vigilant in the cryptocurrency space. Phishing scams and hacking attempts are unfortunately not uncommon. Here are some key takeaways for crypto users:

Be wary of unsolicited messages: Never click on links or provide personal information in response to unsolicited messages, even if they appear to be from legitimate sources.

Verify account authenticity: Always double-check the sender’s X handle and other identifiers before interacting with an account claiming to represent a cryptocurrency platform or project.

Read Also: Stellar Lumens (XLM) Counts Down to a Major Announcement: Details 

Enable strong security measures: Utilize strong passwords and enable two-factor authentication wherever possible. Consider using hardware wallets for added security for your cryptocurrency holdings.


Stay informed: Keep yourself updated on the latest security threats and best practices within the cryptocurrency industry.

By following these guidelines, cryptocurrency users can significantly reduce their risk of falling victim to scams and cyberattacks.

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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

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