Ripple CTO Warns Of Scam Involving Loopring Smart Wallets Breach

According to U.Today, Ripple's Chief Technology Officer (CTO), David Schwartz, has issued a warning about a scam targeting the global cryptocurrency community, including XRP users. Schwartz highlighted a tweet from an account impersonating the official handle of the Loopring protocol, @loopringorg. The fraudulent post claimed that Loopring had suffered a security breach, resulting in significant customer funds being lost to hackers and 'user compensation claims.' Schwartz quickly identified this as a scam, cautioning the community to be wary. The fake account was promptly suspended, and Schwartz updated his original post with a link to a genuine tweet from @loopringorg, which provided accurate details about the incident. The official post from @loopringorg confirmed that some Loopring Smart Wallets had indeed been compromised in a hacker attack. The attacker had posed as the wallet owner, resetting ownership and withdrawing assets from the targeted wallets. The hacker was able to bypass Loopring’s 2FA service and gain approval for the recovery from the Official Loopring Guardian. As a result, all operations connected with the Guardian service have been temporarily suspended. The Loopring team is now working with law enforcement and security experts to track down the hacker. They have shared the two hacker addresses and asked the crypto community for assistance in their investigation. This is not the first time Schwartz has issued a scam warning. Last week, he alerted the XRP community to a similar scam. In that instance, a user received a direct message from someone claiming to be the X support team, stating that the user’s account was 'under investigation for copyright violations.' The user was urged to complete a form via a link in the message, with the threat of account suspension if the form was not filled out within 24 hours. Schwartz confirmed that this message was also a scam.