David Schwartz "Wallets get stolen believing in free XRP giveaways"...Scam warning targeting investors

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

David Schwartz, Ripple's Honorary Chief Technology Officer (CTO), has issued a strong warning about a surge in scam attempts targeting XRP Ledger users. He explained that attacks targeting investors' wallets and seed phrases are increasing due to the proliferation of fake XRP giveaway events, 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 instead 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 in the name of Ripple or its executives are scams. He also stated that accounts impersonating him are active on Telegram and Instagram, adding that his only authenticated accounts are 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 employed in scam tactics.

Along with the fake airdrop warnings, Schwartz also mentioned the risk associated with 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 in April alone, 28 hacks in decentralized finance (DeFi) resulted in losses of $635 million. While these incidents were not social engineering attacks, they demonstrate that cryptocurrency users are currently in a more vulnerable environment 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.*