David Schwartz "Wallets are stolen by believing in free XRP payments"...Fraud warning targeting investors

▲ XRP, cryptocurrency fraud, cryptocurrency security/AI generated image

David Schwartz, Ripple's Honorary Chief Technology Officer (CTO), issued a strong warning about the surge in fraud attempts targeting XRP Ledger users. He explained that attacks targeting investors' wallets and seed phrases are increasing due to the proliferation of fake XRP giveaways, malicious airdrops, and artificial intelligence (AI) deepfakes.

U.Today reported on May 14 (local time) that Schwartz urged the XRP community to exercise extreme caution via X (formerly Twitter). Schwartz stated that attacks targeting XRP Ledger asset holders have recently increased on social media platforms and messengers such as X and Telegram.

According to the report, scammers are not creating entirely new methods but are leveraging existing psychological traps with much greater frequency. Typical methods include fake token giveaways and fraudulent airdrops. Attackers induce investors to connect their cryptocurrency wallets to malicious websites or hand over their seed phrases.

Schwartz reiterated that Ripple does not conduct such free XRP giveaway events. He warned that any posts promoting free XRP under the name of Ripple or its executives are all scams. He also stated that accounts impersonating him are active on Telegram, Instagram, etc., and that his verified accounts are only on X and LinkedIn.

This warning comes amid increased XRP-related activity and price discussions. The report stated that scammers are creating a sense of urgency to manipulate the emotions of individual investors. In previous months, AI-generated deepfakes using the face of Ripple CEO Brad Garlinghouse were also used in fraud schemes.

Along with the fake airdrop warning, Schwartz also mentioned the risk of the Windows BitLocker vulnerability. This vulnerability is known as a bug that can bypass disk encryption via a standard USB port, and he explained that locally stored private keys could be exposed to risk.

U.Today reported that 28 hacks in decentralized finance (DeFi) caused $635 million in damages during April. While these incidents were not social engineering attacks, they demonstrate that cryptocurrency users are more vulnerable than ever before.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*