David Schwartz, CTO of Ripple, has raised the alarm over an elaborate phishing scam targeting cryptocurrency users. Scammers are posing as representatives from Coinbase, a well-known crypto exchange based in San Francisco, in an attempt to defraud unsuspecting investors.
Phishing Message Revealed by Schwartz
Schwartz took to X (formerly Twitter) to expose a phishing message he personally received. In the scam, criminals pretend to represent Coinbase’s asset protection team, informing victims that an investigation is being conducted on their accounts.
The scam begins with a phone call where the scammers notify potential targets about this supposed investigation. They then send a follow-up email or text message to make the initial phone call seem legitimate.
Details of the Scam
The fraudulent message contains key details like a contact number, case ID, and the name of a fake representative. These details are designed to convince victims that they are dealing with an official Coinbase customer service agent. While the message might appear legitimate, a closer look reveals that it comes from an unofficial email domain, something uncommon for a large company like Coinbase.
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This scam relies on impersonation tactics, a common method used by fraudsters to gain access to sensitive information. By posing as trusted companies, these bad actors build trust with their victims before asking for private data, which can lead to significant financial losses.
Schwartz’s Warning to Investors
Schwartz, who has over 511,000 followers, issued a warning to his audience, urging them not to fall for this scam. He advised investors to block any communication from such individuals immediately and to avoid clicking on any suspicious links in emails.
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This isn’t the first time Schwartz has taken action to protect the crypto community. Earlier this year, he exposed a phishing scam where fraudsters pretended to be representatives from NFT platform OpenSea.
Additionally, in 2023, he debunked fake XRP airdrop scams promoted after Ripple’s partial legal victory against the SEC. Schwartz’s vigilance continues to protect crypto investors from malicious threats.
