Last updated on November 4th, 2024 at 07:40 am
An imposter of Ripple CTO David Schwartz has flaunted fake giveaways to the XRP community on X, the newly rebranded Twitter platform. The new scam has begun to gain impressions on the micro-blogging app luring investors into a purported 100 million XRP airdrop.
Cryptocurrency scamming is not new as victims continue to fall for the scheme daily. The type of scam promoted in this case is the “phishing scam.” This type of scam involves perpetrators creating fake accounts to impersonate popular names in the crypto space. They encourage naive investors to click on a link to participate in an airdrop or a giveaway.
However, the purpose is to get access to your wallet by obtaining sensitive information, such as your wallet’s private key, and then using this information to steal your digital assets.
Recall that we previously reported that scammers impersonated Brad Garlinghouse, Ripple CEO, and promoted the same 100 million XRP giveaway scam on a platform that appears to look like Medium. This time, they seem to have switched accounts to David Schwartz.
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Related Reading: Ripple CLO Predicts XRP Ruling Will Favor Binance and Coinbase in Ongoing SEC Cases
A knowledgeable user of Crypto Twitter and an established member of the XRP community are probably unlikely to fall for such a cheap scam. However, XRP has been the most talked-asset item in the crypto space over the past two weeks following a victory over the SEC in its ongoing case. Consequently, the victory is undoubtedly luring in novices and less experienced investors who can’t help but come in to see what the 100 million XRP giveaway is all about.
Crypto scam on X
Ultimately, crypto scam promotion on Twitter (now X) has been existing for a very long time. Its CEO Elon Musk declared war against scam accounts and profiles when he first took over as the owner of the popular social media network. However, this fight has seemed to be unsuccessful so far.
For instance, after July 13, the issue with bots targeting the same XRP group grew to the point that notable users like John Deaton had to openly ask Musk for assistance. But nothing has changed even a little bit.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.