XRP Community Should Beware of This Scam Attack: Details

In recent times, crypto scams and frauds have taken different dimensions and patterns. Though most crypto protocols beef up securities with advanced technology, some scammers are sophisticated in their operations.

Recently, XRP users have been notified of new scamming tactics via phishing emails. A blockchain educator and an XRP holder, Jacob Canfield, warned the XRP community as he relayed how scammers targeted him. 

A New Cyber Attack Targets The XRP Community

According to his tweet post, Canfield reported that he faced a phishing attack through an email supposedly from the Ripple team about an XRP allocation program.

Canfield noted that the email was titled ‘The allocation program’ but was a scam intending to drain users’ XRP holdings. He suspected the phishing attack could emanate from a ledger or Gemini breach on the XRP network.

Notably, Ripple is not carrying out any allocation program at the moment, implying that the email is a fraudulent move. The phishing emails Canfield shared were directing users to a fake Ripple blog post describing an allocation program.

In the post, users are expected to register their XRP claims by following the guidelines. Further, the attackers tried to provide more legitimacy to their sham to lure unsuspecting users. 

They advocated for self-custody and created more awareness about key ownership, citing that safety is a major aspect of the allocation program. Newbies and newly funded XRP accounts could easily fall victim to this type of scam.

Cybercriminals could often clone big crypto entities and firms while implementing their fraudulent activities. Such an approach makes it easy for them to deceive their targets and steal the personal data and funds of users.

Through this current phishing message to some XRP users, scammers could gain access to their accounts, placing their funds at risk.

But before now, the XRP community had seen a similar attack. Bad actors targeted the famous XRP attorney John Deaton in early June in a cyber fraud compromising of his Twitter account.

XRP Users Advised To Be More Cautious

Following past attacks, XRP users have been told to be more cautious in their operations and online transactions.

The community members were warned against disclosing their 24-word recovery phrase. Also, they were told not to input the phrase into different apps and websites, which could expose it to scammers.

In March, a r/ledgerwallet notified the XRP holders of the need to protect their funds and recovery phrase on Reddit. According to the post, users should be more careful about downloading and using Ledger Live apps.

It told the XRP community to be vigilant about unsolicited messages from fake accounts that may claim to be XRP Ledger Support. Further, it noted that Ledger Support would never demand users’ recovery phrases or personal data.