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Ripple CTO Exposes Phishing Scam Targeting Coinbase Users

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  • Ripple CTO Dаvid Schwаrtz еxposеs а phishing scаm posing аs Coinbаsе, wаrning crypto usеrs of thrеаts.
  • Thе phishing еmаil usеd fаkе dеtаils аnd аn unofficiаl domаin to imitаtе Coinbаsе’s аssеt shiеlding dеpаrtmеnt.
  • Schwаrtz’s proаctivе stаncе highlights thе importаncе of vigilаncе in combаting scаms tаrgеting cryptocurrеncy invеstors.

Thе еscаlаting thrеаt of cryptocurrеncy scаms surfаcеd oncе аgаin on Octobеr 4th, with Ripple’s Chiеf Tеchnology Officеr (CTO), Dаvid Schwаrtz, fаlling prеy to а tаrgеtеd phishing аttаck. This incidеnt undеrscorеs thе growing sophisticаtion of such scаms аnd sеrvеs аs а wаkе-up cаll for аll cryptocurrеncy usеrs to hеightеn thеir sеcurity mеаsurеs.

Ripple CTO Uncovers Phishing Plot

Schwаrtz took to X, formеrly known аs Twittеr, to rеvеаl а mеticulously crаftеd phishing scаm аimеd аt him. Thе frаudulеnt mеssаgе аppеаrеd to comе from rеprеsеntаtivеs of Coinbаsе, а lеаding cryptocurrеncy еxchаngе bаsеd in Sаn Frаncisco. Thе mеssаgе, clаiming to originаtе from thе еxchаngе’s “аssеt shiеlding dеpаrtmеnt,” informеd Schwаrtz thаt his аccount wаs undеr invеstigаtion.

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Source: Dаvid Schwаrtz

This аpproаch mirrors а fаmiliаr tаctic usеd by cybеrcriminаls—instilling fеаr аnd urgеncy in thе victim to prompt immеdiаtе аction. Thе mеssаgе includеd sеvеrаl convincing dеtаils, such аs а cаsе ID, а contаct numbеr, аnd thе nаmе of а so-cаllеd rеprеsеntаtivе. Thеsе еlеmеnts аrе oftеn еmployеd to lеnd lеgitimаcy to thе scаm аnd pеrsuаdе thе rеcipiеnt to divulgе pеrsonаl informаtion.

Howеvеr, а dееpеr look into thе еmаil rеvеаlеd criticаl signs of frаud. Thе еmаil wаs sеnt from аn unofficiаl domаin, which is а mаjor rеd flаg. Lеgitimаtе compаniеs likе Coinbаsе consistеntly usе officiаl communicаtion chаnnеls, еmphаsizing thе importаncе of vеrifying thе origin of аny communicаtion bеforе tаking аction.

Ripple CTO Warns of Phishing Risks

Schwаrtz’s swift аction in еxposing this phishing аttеmpt highlights his commitmеnt to protеcting thе crypto community. Hе strеssеd thе nееd for еxtrа cаution whеn dеаling with аny unsolicitеd mеssаgеs rеlаtеd to crypto аssеts. His еxpеriеncе highlights sеvеrаl cruciаl prаcticеs thаt аll crypto usеrs should аdopt.

First аnd forеmost, no lеgitimаtе еntity will еvеr аsk for sеnsitivе informаtion likе pаsswords, two-fаctor аuthеnticаtion codеs, or privаtе kеys viа unsolicitеd mеssаgеs. Furthеrmorе, unsolicitеd contаcts viа еmаil, phonе, or tеxt should bе аpproаchеd with skеpticism, аnd vеrificаtion through officiаl chаnnеls is еssеntiаl. Anothеr criticаl point is to аvoid clicking on links in suspicious еmаils, аs thеy oftеn lеаd to fаkе wеbsitеs dеsignеd to stеаl login crеdеntiаls.

This incidеnt is not thе first timе Schwаrtz hаs аctеd аgаinst scаms tаrgеting thе crypto community. Eаrliеr in 2024, hе аlеrtеd usеrs to а frаudulеnt еmаil circulаting in OpеnSеа’s nаmе, wаrning аbout non-fungiblе tokеn (NFT) listings. Similаrly, in 2023, Schwаrtz plаyеd а kеy rolе in еxposing frаudulеnt аirdrop promotions fаlsеly аssociаtеd with Ripple.

Schwаrtz’s еfforts to еxposе scаms sеrvе аs а vitаl shiеld for thе broаdеr crypto community. His vigilаncе undеrscorеs thе importаncе of skеpticism аnd sеcurity in а digitаl lаndscаpе frаught with mаlicious аctors. Thе incrеаsing frеquеncy аnd complеxity of phishing аttаcks sеrvе аs а rеmindеr to invеstors to rеmаin аlеrt, аvoid unsolicitеd contаcts, аnd еnsurе thаt thеy аrе еngаging only through vеrifiеd communicаtion chаnnеls.

Related Readings | Ripple’s Battle Intensifies: SEC Appeals Court Decision

Ripple and Mercado Bitcoin Join Forces for Effortless International Payments

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  • Ripple and Mercado Bitcoin partner to launch crypto-powered cross-border payments in Brazil.
  • The solution enables faster, cheaper, and more secure global transactions using blockchain technology.
  • Ripple expands its influence in Brazil’s growing fintech and crypto market.

In a significant move to expand the blockchain ecosystem, Ripple has entered into a partnership with Brazilian cryptocurrency exchange Mercado Bitcoin to introduce a cutting-edge cross-border payments solution.

The new offering is positioned to change the way money moves across borders by making cross-border transactions faster, cheaper, and more efficient using blockchain technology.

According to the press release, this transaction also provides Mercado Bitcoin with the set of supports to use Ripple’s end-to-end payment infrastructure, enabling businesses and people to send and receive money internationally 24×7-with minimum delay with certainty that cross-border payments settled in minutes, which is the time that was normally with friction.

Ripple Payments has been in the works for a while, building on previous expansions by the company, such as its 2022 launch with Travelex Bank. The system uses blockchain for cross-border transfers, thus allowing secure transactions to take place and smoothing the onboarding process for corporate clients.

Because of the single integration, companies will be able to reach over 80 payout markets around the globe, with very minimal operational barriers extending their reach.

Crypto Innovation Thrives in Brazil

This deal also comes at a time when Brazil’s crypto and fintech ecosystem is moving quickly. With a progressive regulatory framework alongside rapid institutional adoption, Brazil is considered one of the remarkable sites where blockchain innovation thrives.

The company first entered the Brazilian market in 2019; its latest expansion underlines the growing influence in the region. Being one of Latin America’s most important crypto players, Mercado Bitcoin will initially use the Ripple solution to optimize treasury operations between Brazil and Portugal.

In the future, it also plans to extend to corporate and retail customers alike for affordable international transactions in a much easier way.

Ripple Expands Influence in Brazil’s Fintech Sector

Beyond Mercado Bitcoin, Ripple continues to make bold moves in Brazil’s financial space. In July, the company partnered with Fenasbac a large entity within the central banking community in Brazil, to sponsor fintech companies through the Next accelerator program.

This is targeted at aiding the development of scalable financial services with blockchain technology, further cementing Ripple’s participation in the future of Brazilian fintech.

At the core of it, Ripple is poised to provide a backbone in cross-border payments and management of digital assets in both public and private sectors using its advanced crypto infrastructure. This furthers its mission of changing how money moves in circles across the world.

Related Reading | Bitcoin Set for Final 10% Fall, Says Top Analyst

Ripple’s Battle Intensifies: SEC Appeals Court Decision

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  • The SEC is appealing the ruling in the Ripple case, arguing it conflicts with Supreme Court precedent.  
  • Ripple’s legal team and CEO express frustration, calling the appeal irrational and misguided.  
  • Ripple claims the case has damaged the SEC’s credibility without benefiting investors.

The U.S. Securities and Exchange Commission (SEC) has appealed the decision made by the U.S. Second Circuit Court of Appeals regarding the high-profile Ripple case. The commission argues that the district court’s decision runs contrary to long-standing Supreme Court precedent and securities laws.

That tug-of-war between the SEC and Ripple has been ongoing, and it really seems that the recent move by the SEC is going to again challenge that interpretation of the court. Previously, a district court imposed a $125 million civil penalty on the company, way below the fine SEC had sought at $2 billion.

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The SEC charged the company behind XRP, one of the influential players in cryptocurrency markets, for selling unregistered securities through its token. However, the company kept arguing its innocence, claiming that XRP is not a security and it has not violated any laws.

Ripple Legal Team Slams SEC Appeal

Ripple’s Chief Legal Officer, Stuart Alderoty, has taken to X in light of the SEC’s decision to file an appeal. Alderoty criticized the agency for continuing a fight that had already lost them so much credibility.

Alderoty emphasized that the court had already discarded any suggestion of recklessness on the company’s part and underlined that no fraud had been alleged, nor were there victims.

Alderoty went on to question the timing of the appeal filed by the SEC, considering the sudden resignation of the Enforcement Director at the agency right before the announcement. At that point, Ripple was considering filing a cross-appeal, with Alderoty hinting at the company’s readiness to face the SEC again in court.

Ripple CEO Criticizes SEC’s Actions

CEO Brad Garlinghouse also expressed frustration with the decision by the SEC, terming it irrational and a poor exercise of judgment. He said the SEC had not protected investors but had only harmed its reputation.

He repeated that the court had already ruled in the company’s favor on key issues, particularly with respect to the non-security status of the XRP. With the case now back in court, Ripple leadership seems very confident of its legal standing and ready to continue the fight.

Related Reading | Tom Emmer’s Crypto Vision: What Lies Ahead for 2025 U.S. Regulation

Ripple CEO Slams SEC, Vows 100% Fight for XRP

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  • The SEC has filed an appeal contesting the decision that XRP’s programmatic sales are not securities.
  • Garlinghouse criticized the SEC for prolonging the legal battle, saying it has caused harm to investors.
  • Ripple remains confident that the court’s ruling on XRP’s non-security status will prevail.

Ripple CEO Brad Garlinghouse has expressed his frustration with the U.S. Securities and Exchange Commission’s (SEC) decision to continue its legal battle against the company. The SEC recently filed a notice of appeal, contesting a federal judge’s ruling from 2023 that favored the firm in key aspects of its case.

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On October 1, the SEC filed a notice of appeal to the Second Circuit, signaling its intent to challenge the court’s ruling in the ongoing case against Ripple. The appeal focuses on a 2023 decision by Judge Analisa Torres, which found that the firm’s programmatic sales of XRP were not securities transactions. However, the judge did rule that sales to institutional clients were securities, leading the SEC to appeal the part of the ruling related to programmatic sales.

The SEC’s appeal comes after the court rejected its previous request for an immediate appeal last year, following the judge’s final verdict in August. The final decision, considered a partial victory for both sides, set the stage for this latest legal maneuver.

Ripple CEO Reacts to SEC’s Stance

Reacting to the appeal, Garlinghouse expressed his disappointment, accusing the SEC of dragging the case unnecessarily. The Ripple CEO highlighted that the regulator’s actions have hurt U.S. investors and damaged its own credibility. According to Garlinghouse, the case has become a “losing battle” for the SEC, which continues to waste taxpayer money.

In Garlinghouse’s view, the court’s decision regarding XRP’s non-security status should stand as a victory for the industry. He emphasized that Ripple is prepared to continue the fight to protect this important ruling.

With the appeal now in motion, Ripple’s legal battle is far from over. However, Garlinghouse and his team remain optimistic that their victory will stand, benefiting not only Ripple but also the broader cryptocurrency ecosystem. The SEC has 70 days to file its appeal brief, prolonging the uncertainty for both Ripple and the crypto industry.

XRP Unlocks Spark After Ripple Releases 1 Billion Tokens

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San Francisco-based payments company Ripple has once again unlocked 1 billion XRP from escrow. The release, valued at $621.78 million, happened today in three separate transactions. Ripple’s escrow system is designed to manage the supply of tokens, releasing 1 billion tokens at the start of each month.

According to data from Whale Alert, the first transaction took place at 02:53 UTC, releasing 500 million XRP, worth $310.64 million. Six minutes later, 400 million tokens ($248.88 million) were unlocked. The final release, involving 100 million tokens valued at $62.24 million, occurred at 03:00 UTC. All these transactions were conducted by a blockchain account known as OffEscrowerOfDai, commonly linked to Ripple’s monthly releases.

XRP Expected to See 800 Million Tokens Re-Locked

Ripple is expected to follow its usual practice of re-locking 80% of the unlocked XRP, which amounts to 800 million tokens. This approach has been consistent, as seen in the September escrow release when Ripple re-locked 80% of the 1 billion tokens. The remaining 200 million tokens is likely intended for Ripple’s business operations, including payments or partnerships.

It’s worth noting that these releases occur as Ripple settles a $125 million payment to the SEC after facing charges for violating federal securities laws. Some speculate that Ripple could sell part of the unlocked XRP to cover this fine.

XRP’s price has experienced volatility, with a 4.26% drop over the past 24 hours, bringing the token’s value to $0.6203. Despite the daily decline, XRP remains up 5.26% over the past week and has seen an 11.09% rise in the last 30 days. The price movement is likely due to broader market corrections, not directly tied to Ripple’s token unlock.

As Ripple continues its scheduled token releases, the community watches closely for any impact on the market and Ripple’s future moves.

Ripple Enhances Its Footprint in the UAE with New Regulatory License

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  • Ripple has obtained an in-principle license from the Dubai Financial Services Authority to operate in the Dubai International Financial Centre.
  • This will enhance Ripple’s cross-border payment solutions in the UAE.
  • CEO Brad Garlinghouse noted the UAE’s favorable regulations as key to blockchain adoption.

Just recently, Ripple achieved an in-principle license from the Dubai Financial Services Authority that sets the firm up for considerable growth prospects within the United Arab Emirates.

This approval will enable Ripple to operate from the Dubai International Financial Centre (DIFC), enhancing its status as a regulated entity and facilitating innovative cross-border payment solutions within the region, including Ripple Payments Direct (RPD).

Ripple has stressed in a press statement that this maneuver is in line with its principal goal to provide businesses with the capability to carry out faster processings and cost-effective cross-border payments. The company plans to create a more comfortable climate for doing payments in UAE through investments in regulatory compliance and necessary fundamentals of liquidity and custody.

Brad Garlinghouse considers UAE’s favorable approach to regulation as the critical factor that could prompt blockchain and cryptocurrency adoption. He said:

With its forward-thinking regulatory approach and clear guidance for innovative businesses seeking to invest and scale, the UAE is positioning itself as a global leader in this new era of financial technology.

The in-principle approval given to the firm is a strategic advance in its regional presence, considering the firm is the first blockchain-enabled payment service provider to be licensed by the DFSA-a position fortified by establishing its headquarters in Dubai since 2020.

The enabling regulatory environment of UAE, in addition to its geographical advantage, because it remains a natural hub for financial services in the Middle East, Africa, and South Asia, influenced the firm to enhance its regional operations.

DIFC Authority Supports Ripple’s Expansion

DIFC Authority Chief Business Development Officer Salmaan Jaffery echoed the expansion of Ripple as a way to show Dubai’s standing in developing an innovative finance platform. He reiterated that DIFC’s robust legal framework makes it the perfect location for international businesses looking to drive significant impact.

With more than 55 licenses around the world, including major authorities like the Monetary Authority of Singapore and the New York Department of Financial Services, Ripple continues to abide by compliances in order to further the adoption of blockchain technology in financial services.

This also comes hot on the heels of a number of other initiatives by Ripple in the UAE, from partnerships with DIFC Innovation Hub to NYU Abu Dhabi, to further drive blockchain innovation and education, both of which promise to further stamp its influence in the UAE digital asset sphere.

Related Reading | Solana Poised for Breakout As Key Price Levels Hold In 2024

Ripple’s RLUSD Could Skyrocket XRP

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  • Ripple’s RLUSD launch hit liquidity constraints. Experts suggest this is likely due to growing institutional interest citing regulatory concerns.
  • RLUSD’s integration strengthens XRP’s utility, making it more attractive for both individuals and institutions.
  • The launch of a regulated stablecoin on the XRPL could bolster XRP’s value as it becomes a more versatile asset within the cryptocurrency ecosystem.

Ripple Labs’ RLUSD stablecoin, is now active on the XRP ledger, marking a significant milestone for the blockchain firm. The launch of the stablecoin is expected to bolster the value of XRP cryptocurrency. As per recent developments, users accessing Coinbase Wallet face “insufficient liquidity” messages when attempting to interact with RLUSD.

However, market experts see this liquidity constraint as a positive trend instead of a drawback, indicating that institutions are actively engaging in the RLUSD ecosystem. This is likely due to the regulatory oversight surrounding stablecoins. Additionally, the absence of liquidity for retail investors could be a strategic move to prevent sudden fluctuations in the monetary supply.

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Ripple's RLUSD Could Skyrocket XRP 5

Why institutions first? Because they are heavily regulated (the SEC lawsuit was not for no reason), and there can’t be a sudden influence on monetary supply. Why it will raise XRP? Utility, Utility, XRPL. Why do Institutions choose XRP? Well-established UTILITY, Regulated Stablecoin on the way. Why you should buy XRP? SEC-regulated, BRICS, 259T cross-border payment market, JP Morgan, BoA, large amount of banks adapting it, the list can go on.

Importantly, a stablecoin like RLUSD enhances the utility of XRP, making it a more attractive asset for both individuals and institutions. As a heavily regulated crypto asset, RLUSD also provides a level of security and trust that appeals to traditional financial players.

Ripple’s RLUSD To Drive Liquidity Boost for XRPL

The Ripple stablecoin was released in the private beta phase on the XRP Ledger and Ethereum mainnet. As reported by TronWeekly earlier, Ripple launched the stable token pegged to the US dollar, offering developers and users a novel asset class secured by high-quality financial instruments like US Treasury securities, cash, and dollar deposits

RLUSD’s creation was one of the many efforts that Ripple is making to attract high-value, liquid assets into the XRP Ledger. The blockchain firm first presented the proposal for the U.S. dollar-linked stablecoin in April 2024 earlier this year to unlock new liquidity, boost institutional adoption, and decentralized applications in its ecosystem.

Ripple Mints 350,000 RLUSD Stablecoins as XRP Ledger Activates New Features

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Ripple minted 350,000 RLUSD stablecoins in just one day. The minting was done in two stages—300,000 RLUSD in the first and 50,000 RLUSD in the second, according to data from Ripple Stablecoin Tracker, a popular XRP Ledger account that tracks all RLUSD minting and redemption activities.

Ripple’s RLUSD stablecoin is in the private beta phase and is operational on the XRP Ledger and Ethereum mainnet. This phase which was initiated earlier this month is to confirm that the RLUSD stablecoin meets high levels of security, efficiency and reliability before being launched into the market. RLUSD is being introduced as a stable token that is anchored to the US dollar and Ripple is offering developers and users a new way to utilize a new asset class that is collateralized by high-quality financial instruments including US Treasury securities, cash and dollar deposits.

The creation of RLUSD is just one of the many efforts that Ripple is making to onboard high value, liquid assets into the XRP Ledger. Ripple had first presented the proposal of the U.S. dollar linked stablecoin in April 2024 earlier this year. The company plans to unlock new liquidity, institutional adoption, and decentralized applications in its ecosystem. RLUSD is expected to act as a stable currency for the institutional buyers to make safe and secure transactions on the blockchain platform.

Ripple Expands RLUSD Testing

This latest Ripple minting activity has been viewed as part of Ripple’s intensified efforts in expanding the testing and improving the RLUSD stablecoin in preparation for the latter’s planned release in the current year. As an easily recognizable and regulated asset, RLUSD could be instrumental in determining the further development of financial operations on the basis of blockchain technology.

Apart from the stablecoin news, XRP Ledger has recently seen a lot of changes, two new amendments have been activated on its mainnet. As suggested by XRP Scan, the fixPreviousTxnID and fixEmptyDID parameters were activated in order to increase the efficiency of the ledger and to These changes are in harmony with the efforts to enhance the XRP Ledger in order to remain relevant and effective in the growing industry.

In contrast, the XRP Ledger makes use of a consensus model in amending, where validators are required to cast their votes. Changes to the protocol need 80% approval ratings from validators for two weeks in a row before they can be implemented into the blockchain. This means that all changes in the network are well thought out and endorsed by the larger community.

Further developments with respect to RLUSD and the XRP Ledger show that the cryptocurrency market is indeed evolving. Ripple is currently working towards the full launch of the RLUSD, the implications of which suggest that there are huge changes afoot for the XRP ecosystem that could have significant consequences for the XRP in the financial market.

Massive 50M XRP Shifted by Ripple Chairman After 11 Good Years

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Ripple’s Chairman Chris Larsen recently moved 50 million XRP from a long-dormant wallet, stirring up speculation across the crypto community. The wallet in question had not seen significant activity since its creation in February 2013, when it was funded with 500 million XRP. Since then, only 1 token had been moved out in December 2017, until now.

This recent transfer, indexed by Whale Alert, occurred on September 16, at 23:17 UTC. Larsen sent 50 million tokens, valued at $29.12 million, to an unidentified address—rao…gzS. This address was created specifically for this transfer, leading to heightened curiosity.

On-chain data shows that Larsen activated the recipient wallet just minutes before the transaction, sending 10 XRP at 23:11 UTC to open it. This move suggests that the transaction was authorized by Larsen himself, rather than a hacking incident. Earlier in February, hackers had stolen millions in XRP from one of Larsen’s wallets, siphoning off 212 million tokens. However, the details surrounding this latest movement indicate a more controlled transfer.

XRP Still Held: No Signs of Security Breach Yet

As of now, the recipient wallet still holds the 50 million XRP, further quelling concerns about any security breach. Despite this, speculation about the purpose of the transfer runs wild. Some lighthearted theories even suggest the funds might be linked to Kamala Harris’s presidential campaign, as Larsen recently voiced support for her along with 87 other business executives.

At the time of writing, the market value of XRP sits at $0.5824, with a 24-hour volume of $1.07 billion. The token’s price has remained relatively stable, showing a minor increase of 0.21% over the past day. Despite these modest movements, the whale transfer has reignited discussions about major players like Larsen influencing the market.

This mysterious transaction leaves the crypto world watching closely, as more developments could surface.

XRP Surges as Ripple Moves 150 Million in Bold Transfer

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Ripple has once again moved a substantial amount of XRP, transferring 150 million XRP, worth $85 million, today. The transaction comes as speculation grows about a potential XRP exchange-traded fund (ETF). According to Whale Alert, a blockchain tracker, Ripple moved the large sum from a known Ripple address to an undisclosed wallet.

The transaction occurred at 4:40 AM UTC, with the sender being the Ripple-affiliated address “rBg…91m” and the recipient listed as “rP4…xv3.” This is not the first time Ripple has moved large amounts to this wallet. In August, the same address received 200 million tokens from Ripple, and another 150 million tokens was sent to the wallet on July 9.

Ripple’s continued relationship with this wallet is noteworthy. The receiving address, “rP4…xv3,” has a history of holding XRP transfers from Ripple, and it seems that this is part of an ongoing liquidity strategy. Data from Bithomp, a Ripple analytics platform, shows that this wallet held 218 million tokens after the latest transfer.

Ripple’s sending address, a multi-signature wallet, still holds 200 million tokens, indicating that the company has maintained a significant reserve of its native asset.

This consistent movement of the token raises questions about Ripple’s long-term strategy, especially as the market is increasingly speculating on an XRP ETF. The transfer coincides with growing optimism surrounding the asset and Ripple’s ongoing legal situation with the SEC.

XRP ETF Rumors Gain Momentum

Rumors about an XRP ETF have reached new heights following Grayscale’s recent announcement of launching the Grayscale XRP Trust. Grayscale has historically converted its other cryptocurrency trusts, such as Bitcoin and Ethereum, into ETFs. Now, the market is speculating that XRP could be next in line.

Industry experts, such as Blair Campbell, have suggested that an XRP ETF could become a reality within four to eight months. However, the uncertainty surrounding Ripple’s legal battle with the SEC casts a shadow over this timeline. Ripple has already achieved a partial victory, but the SEC has until October 6 to file an appeal.

Despite these challenges, the Ripple token has seen a positive market response. Following the announcement from Grayscale, the token rose by over 4% in the past 24 hours, trading at $0.5611 at the time of writing.

XRP’s bullish sentiment reflects confidence in Ripple’s resilience and the possibility of an ETF launch. Over the past week, the token has maintained steady growth, with a trading volume of $980 million and a market capitalization of $29.9 billion. This transfer adds to the momentum, with investors watching closely to see how Ripple navigates its regulatory and market developments.

As the countdown to the SEC’s decision continues, Ripple’s strategic moves, such as these large transfers, suggest the company is positioning itself for the next big step.