Ripple's CTO, David Schwartz, issued a vital alert to the community about the surge in scams that have been spreading. With the resurgence of cryptocurrency market prices, scammers are once again active and are targeting communities as their victims, prompting warnings like this.

Ripple CTO Issues Scam Warning to Community

A new scam tactic aimed at X (formerly Twitter) users has emerged, exploiting the fear of account bans as a method to hack user accounts. The direct message (DM), shared by another X user known as @3YearLetterman, exposes a threatening message from an impostor posing as a member of the X team.

Related Reading: Ripple CEO Predicts Timing for Approval of XRP ETF

The content of the DM alleges that the recipient's X account is under investigation for copyright violations and requests feedback on the issue through a form. However, the attached link in the DM is malicious, designed to trick the X user into divulging their account details, thereby compromising their account. The DM is signed as from the X Support Team, presumably to give the impression that it is genuine correspondence from the real X team.

In response to the post, Ripple's CTO urged users to disregard such messages if they receive them, as they are attempting to steal their login information. "CAUTION: If you receive a DM anything like this, it is fake. The link goes to a phishing site that will collect your login and personal information," Schwartz cautioned.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner!

Rise in Crypto Scams

Recently, another notable figure in the crypto realm alerted community members to the prevalence of scams. DaVinci, a member of the Shiba Inu team, warned about scammers creating various versions of the team's yet-to-be-launched TREAT token to defraud investors.

570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Like the Ripple CTO, DaVinci advised individuals to exercise caution when dealing with tokens on the ShibaSwap decentralized exchange. He clarified that due to the decentralized nature of the exchange, they cannot prevent these tokens from trading, but they can caution investors and keep them informed.

Related Reading: Crypto CEO Shares Factors Influencing XRP Price to Reach $10,000

Last month, Canadian authorities also issued warnings to citizens due to the alarming surge in crypto scams. One significant scam targeting investors involves romance scams, where scammers persuade victims to invest in a fraudulent crypto site.

This trend persists as the number of cryptocurrency investors continues to grow. The relatively anonymous nature of cryptocurrencies makes them an attractive target for scammers.