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Ripple CTO Exposes Fake Loopring Security Breach

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Ripple CTO Exposes Fake Loopring Security Breach

Ripple CTO David Schwartz issued a crucial scam warning for the XRP army and the global cryptocurrency community. He highlighted a tweet from an account impersonating @loopringorg, the official X handle of the Loopring protocol. This fake account falsely claimed that Loopring had experienced a security breach, resulting in significant customer fund losses and “user compensation claims.”

Schwartz quickly alerted the community, stating, “Caution! This is a scam post!” The X team swiftly suspended the fake account. Schwartz then updated his original post to include a link to an authentic tweet by @loopringorg. In that legitimate tweet, the Loopring team detailed the actual incident.

Loopring Smart Wallets Breach

The @loopringorg post revealed that some Loopring Smart Wallets had suffered a hacker attack. The hacker impersonated the wallet owners, reset ownership, and withdrew assets from the targeted wallets. The hackers managed to compromise Loopring’s 2FA service, gaining approval for the recovery from the Official Loopring Guardian. 

Related article: Ripple CTO to Unveil Crucial New Product at Consensus 2024

Consequently, the Loopring team has suspended all operations connected with the Guardian service. They are collaborating with Mist security experts to understand how the 2FA service was breached. Additionally, the team is working with law enforcement and security experts to track down the hacker. They shared the hacker’s addresses and asked the crypto community for assistance: “If you have any information that could help us track down the hacker, please share it with us.”

Ripple CTO’s Previous Scam Warning

Last week, as reported by U.Today, Schwartz addressed the XRP community on a similar issue. He shared a screenshot of a direct message received by another X user from someone posing as the X support team. The message falsely claimed the user’s account was “under investigation for copyright violations” and urged the user to complete a form via a provided link. 

Related article: Ripple CTO: XRP Central to Our Vision, No Plans for Abandonment

The scammer warned that failure to fill out the form within 24 hours would result in account suspension. Schwartz confirmed that this screenshot was also a fake. These incidents underscore the importance of vigilance in the cryptocurrency community. Schwartz’s timely warnings highlight the need for users to verify the authenticity of messages and accounts, especially those involving security breaches or urgent actions. 

As scammers become more sophisticated, the community must stay informed and cautious to protect their assets.

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