Ripple CTO Makes Critical Scam Warning About Coinbase Impersonators

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As David Schwartz, the Chief Technology Officer (CTO) at Ripple, I’ve recently encountered a scam while managing my Coinbase account. I wanted to share this experience with my dedicated community of over X followers, in an attempt to keep you all informed and vigilant.

Ripple CTO warns the XRP army

On the platform X, user David Schwartz (@JoelKatz) shared a screenshot of what appears to be an email from Coinbase’s customer service team. The email instructs users to click on the given link for account updating purposes.

We noticed that some parts of your account could use a brief check-up. Updating your information ensures we can offer you an optimized and seamless experience.

Caution Regarding Scams: Should you encounter an email resembling the one described, be aware – it is a fraudulent attempt.

Scam Warning: If you see an email that looks like this, it’s a scam.

— David “JoelKatz” Schwartz (@JoelKatz) January 11, 2025

The XRP community responded enthusiastically, expressing gratitude towards Ripple’s CTO for providing warnings that aid crypto users in safeguarding their assets. A significant XRP-focused account, @BankXRP (with over 217,000 followers), expressed appreciation by tweeting: “It’s fantastic that you take the time to do this, David, as well as other large X accounts, to help shield our community.

Schwartz warns community against XRP airdrops

According to an earlier report by U.Today, approximately a week ago, the Chief Technology Officer of Ripple participated in a discussion on cryptocurrency taxation and voiced a critical opinion regarding airdrops within the crypto world, specifically those involving XRP.

He advised the cryptocurrency community to be cautious about participating in airdrops, even when they’re not fraudulent but legal. Specifically, he pointed out that these events could potentially lead to major financial troubles for recipients, particularly in jurisdictions like the U.S., where such income and digital assets are subject to taxation.

When cryptocurrency appreciates and is exchanged for traditional currency (fiat), long-term capital gains are subject to taxation. However, receiving salaries or airdrops in cryptocurrency triggers the need to pay taxes immediately upon receipt, according to income tax services, as these assets are considered taxable income from the outset.

XRP market performance

This Friday, the digital currency ranked as the fourth most valuable by market capitalization experienced an approximately 4% increase, moving up from $2.27 to around $2.36.

Over the course of last night, its value dropped slightly. At present, each XRP coin is being traded for approximately $2.34050.

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2025-01-11 11:02