Ripple Insights Becomes the Face of New Phishing Scam

An article on the popular platform Coil has issued a warning to users about potentially fraudulent activity on the XRP Ledger.

According to the author of the article, called “Alert: XRPL Memo Phishing,” the fraudulent individuals took advantage of the viewers looking at a false Ripple Insights page. The author, xrplorer, went onto say that by making sneaky changes to the original page and using special characters to give an impression of legitimacy, people were being duped into the scam. 

xrplorer further went onto add:

“The attackers had a plan. First, Make a replica of Ripple Insights, using special characters in the domain name to make it look legitimate [rippłe != ripple]. Secondly, add an article about a massive airdrop, promoting a new “Claim” feature in XRPL. Thirdly, link to a replica of the Bithomp website, from the article, with a tool to use said “Claim” feature. A fake tool, which only serves to send secret keys to the attackers’ website so that they can take full control of the account.”

The rise in the price of cryptocurrencies has been often accompanied by an increase of general interest by big institutional investors. At the end of 2017, we saw a lot more people enter the market who probably never even heard of cryptocurrency and get involved with the space. Unfortunately, this also includes scammers and hackers who tend to use cryptos bad name in order to make a quick buck.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!