<ul><li>Ripple CTO David Schwartz warned about a rise in phishing attacks impersonating emails from hardware wallet manufacturers to steal seed phrases.</li><li>Scammers are exploiting market weakness and the growing use of stablecoins in cold wallets, increasing the appeal of these devices for cybercriminals.</li><li>Schwartz emphasized that phishing exploits human trust, not technical flaws, and recalled that Coinbase lost $400 million due to social engineering.</li></ul><a href="https://crypto-economy.com/ripple/" rel="noopener noreferrer nofollow">Ripple’s </a>Chief Technology Officer, David Schwartz, flagged an increase in phishing attacks targeting hardware wallet users.<img src="https://crypto-economy.com//wp-content/uploads/2025/10/1200-banner-giveaway-ce-tcp.gif" />According to him, scammers send fake emails that mimic official communications from hardware manufacturers, including supposed firmware updates or security checks. The goal is to trick users into entering their seed phrase on an external page, allowing attackers to empty wallets in a matter of seconds.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/a602ec63618d478cafb4376d560e10ac.png" /><h2 id="header-0">ATTACKS FOCUS ON USER CARELESSNESS</h2>Schwartz warned that this tactic has become especially frequent in recent weeks, fueled by market weakness. Many investors moved funds into stablecoins and opted to store them in <a href="https://trezor.io/trezor-safe-7" rel="noopener noreferrer nofollow">cold wallets</a>, making these devices more attractive to cybercriminals. The decline in exchange activity also reduced exposure to code-based <a href="https://crypto-economy.com/google-identifies-state%e2%80%91backed-hackers-targeting-binance-founder-cz-in-latest-attack-wave/" rel="noopener noreferrer nofollow">attacks</a>, making the user the most profitable entry point.The Ripple CTO stressed that phishing remains the most effective attack in the crypto market and that its success depends on psychological manipulation, not technical vulnerabilities. He noted that even major platforms suffered losses for this reason: <a href="https://crypto-economy.com/coinbase-review/" rel="noopener noreferrer nofollow">Coinbase </a>disclosed earlier this year an estimated $400 million in damages caused by social engineering attempts targeting its support team, without any exploits of contracts or code.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/aab697d98e88423c9ec5d6adcf508c4b.jpeg" />Schwartz pointed out that attackers are using increasingly sophisticated tools, such as fake domains, cloned websites, and automated calls with AI-generated voices. The professionalization of these campaigns has made detection much harder, even for experienced users.The Ripple executive insisted that hardware wallets only maintain their security level if the seed phrase never leaves the device. Once the user enters it in an uncontrolled environment, no measure or <a href="https://crypto-economy.com/zero-knowledge-proofs-could-hold-the-key-to-fair-and-private-ai/" rel="noopener noreferrer nofollow">cryptographic technology</a> can prevent the attack. According to Schwartz, the real weak point in the crypto ecosystem is not technology or decentralization, but trust and the human tendency to underestimate simple risks. A single mistake, he warned, can cost millions<img src="https://crypto-economy.com//wp-content/uploads/2025/10/1200-banner-giveaway-ce-tcp.gif" />

Ripple CTO Sparks Alarm Over Dangerous Phishing Attacks On Wallets

Table of Contents

Crypto Economy

Other articles published on Oct 23, 2025

NEAR and Toncoin Gain Strength, While BlockDAG’s $430M+ Presale and 20K+ X Series Miners Sold Red...

Prime Broker FalconX Acquires 21Shares to Expand into Crypto ETFs

Open banking will keep America at the forefront of financial innovation

HBAR and XRP Struggle While Developers Flock to BlockDAG: $430M Presale, WASM + EVM at $0.0015 – ...

3 Reasons ADA, SUI, and Others Could Still See a Major Altseason in 2025

Pharos Launches AtlanticOcean Testnet to Bring Deep RWA Liquidity Onchain

Join our free newsletter for daily crypto updates!