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Ripple CTO Exposes New OpenSea Scam Targeting NFT Bidders – Crypto News

Published

1 year ago

January 26, 2024

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Ripple CTO David Schwartz has brought to light a scam targeting users of OpenSea, the leading NFT marketplace. Schwartz’s revelation highlights the evolving tactics of cybercriminals in the digital asset space, underlining the need for increased vigilance among users.

The Email Scam Revealed by Ripple CTO

David Schwartz, the Chief Technology Officer of Ripple, has identified a new scam scheme currently targeting OpenSea users. In a detailed post, Schwartz shared a screenshot of an email that was part of the scam. The email, purportedly from the OpenSea team, informed the recipient of a bid on their listed NFT, specifically mentioning a bid of 0.98 wrapped Ethereum (WETH).

According to Schwartz, the email contained a malicious link that redirected users to a fake OpenSea page designed to steal their credentials. This link was masked as a SurveyMonkey link, a legitimate online survey platform.

CAUTION: This is a scam.

The key sign would be if you mouseover the “Review Offer” link, it goes to a SurveyMonkey link. If you click on it, you would have gotten a fake OpenSea page but SurveyMonkey has already blocked it. pic.twitter.com/l14USuyQ5s

— David “JoelKatz” Schwartz (@JoelKatz) January 25, 2024

Using such a reputable service to host a phishing link highlights the sophisticated methods scammers employ. Ripple CTO’s timely identification of this scam underscores the ongoing risks within the NFT marketplace and serves as a cautionary tale for digital asset enthusiasts.

Rising Scam Schemes in the Crypto Community

This scam is not an isolated incident in the crypto community. An investigation found that such schemes have been ongoing for some time. Earlier in the month, a Redditor shared an experience of receiving a similar offer for an NFT listed on OpenSea. In this instance, the scam attempt involved a link that tried to steal BNB tokens from the user. Fortunately, the user could detect the scam before any harm was done.

Moreover, using SurveyMonkey to send these emails was identified as a tactic to bypass Gmail’s spam filtering. This revelation and other similar user reports point to an increasing trend in such fraudulent activities. These scams highlight the vulnerabilities in digital transactions and the need for heightened awareness and security measures among users in the rapidly expanding crypto industry.

Continuous Vigilance and Industry Response

The exposure of this scam by Ripple CTO is a critical reminder of the persistent threat of fraudulent schemes in the crypto world. This is not the first time the Ripple CTO has highlighted such issues. Previously, Schwartz warned about a scam using the likeness of Ripple’s CEO Brad Garlinghouse on YouTube to promote a fake giveaway. Despite these warnings, there was a delay in response from platforms like YouTube in addressing these fraudulent activities.

The consistent emergence of such scams underlines the necessity for continuous vigilance by both users and industry leaders. Platforms like OpenSea and others in the crypto space must enhance their security measures and educate their users about such threats. The proactive approach by industry figures like David Schwartz in exposing these scams plays a vital role in safeguarding the interests of the community at large.