Malefactors created an almost perfect copy of the official Ripple website to trick investors out of their $XRP. The fake platform is designed to look like the real Ripple site: dark blue color, branded fonts, logo, and a "Buy $XRP" button. Upon seeing a screenshot of the new site, Schwartz did not write a lengthy refutation but simply posted a GIF for his social media X followers with the caption "THIS IS A SCAM!".
The scammers decided to play on the loyalty and psychology of so-called hodlers — investors who have been holding $XRP for several years and do not sell their coins even during a crypto market downturn.
The fake website published a promise of a reward for "those who have never sold" and vague hints at bonuses for patience and refraining from market speculation. The fraudsters attempted to create an illusion of exclusivity by offering investors early access to their offer, inducing a sense of missing out.
By clicking the "Get Early Access" button and confirming the transaction, the $XRP balance of a trusting user can be zeroed out. This type of attack exploits not code vulnerabilities, but social engineering, counting on the investor's gullibility. Unlike phishing sites where one has to enter a seed phrase and other confidential data, here it only takes careless authorization and a click to approve the transaction.
Last year, a crypto investor lost 1,209,990 $XRP worth $3 million by making a mistake with his seed phrase. Previously, Schwartz warned about a video where scammers posing as representatives of Ripple promised to give away 100 million $XRP for free.
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