Ripple CTO (XRP) Targeted in Advanced Phishing Attack: A Cautionary Tale for Crypto Investors

• David Schwartz, chief executive officer at Ripple, recently fell victim to a “sophisticated” phishing scam.
• The scam involved opening a support case with Apple, leveraging real Apple emails and web pages in their SMS messages.
• “Presumably, Apple wouldn’t have given them access. What’s clever is using the (real) case to make their (fake) SMS messages convincing,” Schwartz said.

Ripple CEO David Schwartz falls victim to a sophisticated phishing scam, highlighting the growing threat of cyber fraud in the crypto industry.

Ripple Teams Up with Facebook to Fight Scams

The latest incident coincided with Ripple launching a new anti-scam initiative in collaboration with tech giant Meta and various cryptocurrency exchanges, including Coinbase. This initiative aims to combat the increasing number of phishing scams targeting high-profile individuals and companies within the crypto space.

Details of the Phishing Scam

Schwartz claims the scam involved opening a support case with Apple. The fraudsters then leveraged real Apple emails and web pages in their SMS messages to trick him into giving control over his Apple ID. They were likely able to open a support case with just his email address. “Presumably, Apple wouldn’t have given them access. What’s clever is using the (real) case to make their (fake) SMS messages convincing,” he said.

Industry-Wide Efforts to Combat Scams

Ripple’s new initiative with Meta and other cryptocurrency exchanges is a significant step towards combating cyber fraud in the industry. “There’s one thing all of us in tech can agree on – it’s high time we dismantled the scammers once and for all,” Ripple CEO Brad Garlinghouse said in his social media post. This collaboration aims to create a more secure environment for crypto transactions and protect users from sophisticated phishing scams.

Conclusion

The phishing scam targeting David Schwartz underscores the growing threat of cyber fraud in the crypto industry. Ripple’s collaboration with Meta and other exchanges to launch an anti-scam initiative is a proactive step towards safeguarding the community. As the industry continues to evolve, it is crucial for companies and individuals to remain vigilant and adopt robust security measures to protect against such threats.