Ripple’s Chief Technology Officer, David Schwartz, took to X (formerly Twitter) to share a disturbing phishing scam he encountered, targeting unsuspecting cryptocurrency investors. Schwartz, known for his vigilance against online fraud, highlighted how scammers posing as Coinbase representatives attempted to trick him.
Scam Details
These scammers operate by first calling potential victims, posing as members of Coinbase’s “asset shielding department.” The fraudsters claim they are investigating the victim’s account for suspicious activity, creating a sense of urgency. Shortly after the call, the scammers send a follow-up email or text, confirming the investigation and requesting additional information to “resolve” the case.
The message appears highly convincing, including a case ID, the name of the alleged representative, and a contact number to make it look official. However, a closer inspection reveals the scam’s fraudulent nature, with the email originating from an unofficial domain, which is a major red flag for any established company like Coinbase.
This particular tactic relies on the victim’s trust, built through an initial phone conversation. Once confidence is established, the scammers request sensitive information that could lead to significant financial loss. Unfortunately, this method of phishing has become increasingly common in the cryptocurrency industry.
Ripple CTO Sounds the Alarm
David Schwartz, Ripple‘s long-standing CTO, immediately sounded the alarm to his 511,000 X followers, urging them not to fall victim to the scam. He emphasized how easily these scams could deceive people, even experienced figures in the crypto space. Schwartz’s decision to go public with the phishing attempt exemplifies his dedication to protecting crypto investors.
This is not the first time Schwartz has spoken out against fraudulent schemes. Earlier this year, he warned users about a similar scam, where bad actors posed as representatives of the NFT marketplace OpenSea. In that case, the scammers contacted potential victims about listing a non-fungible token (NFT) on the platform, luring them to a fake OpenSea page with malicious links.
A Growing Threat in the Crypto World
As cryptocurrency adoption grows, so does the frequency of scams targeting digital asset holders. Last year, Schwartz also exposed fake XRP airdrop scams that emerged in the wake of Ripple’s partial victory against the SEC. These fraudsters capitalized on the excitement surrounding the legal victory to promote fraudulent airdrops.
Phishing scams like these are particularly dangerous because they exploit users’ trust in established brands like Coinbase and Ripple. Once trust is gained, scammers manipulate victims into revealing sensitive details, leading to significant financial harm.
Also Read: Ripple vs. SEC – XRP Price Dips 10% Amid Ongoing Legal Battle; Court Ruling Expected By April 2026
To avoid falling victim to scams like this, investors should exercise extreme caution when receiving unsolicited emails or phone calls. Always verify the authenticity of any communication by contacting the official support channels of the company in question. Additionally, never click on suspicious links or provide personal information to unverified sources.
Blocking scammers and reporting phishing attempts to relevant authorities are essential steps to prevent further fraud.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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