David Schwartz Warns of New Rewards Scam Targeting XRP Holders

David Schwartz warns XRP holders about a rise in fake airdrop and reward scams targeting XRP Ledger users across social platforms.

Notably, these scammers have continued to leverage impersonation, fake NFT offers, phishing sites, and deepfakes to exploit unsuspecting XRP users.

Key Points

• David Schwartz flagged a recent surge in XRP-related rewards scams targeting users.
• Scammers impersonate Ripple figures and promote fake rewards, claiming to double funds or distribute free XRP.
• Fraudulent NFTs with hidden “Buy Offers” can drain wallets if users sign malicious transactions.
• These scammers also employ deepfakes and phishing links to drain investors’ funds.
• Users should avoid clicking on unknown links and never share private keys or approve unclear transactions.

How These XRP Rewards Scams Work

Schwartz shared the latest warning in a post on X, urging the XRP family to be extra careful. He explained that scammers are now targeting XRP holders and XRP Ledger users more aggressively across platforms like X, Instagram, and Telegram. 

SCAM ALERT: There has been a huge escalation lately in airdrop and giveaway scams targetting XRPL users lately. Any such posts you see are likely scams.

Anyone claiming to be me on Instagram, Telegram, or almost anywhere else is likely a scammer.

Stay safe XRP fam.

— David ‘JoelKatz’ Schwartz (@JoelKatz) May 14, 2026

The former Ripple CTO insisted that most unsolicited offers promising rewards or free tokens are likely scams. He also warned that anyone claiming to be him outside his verified X account should not be trusted.

Notably, these scams mostly involve fake airdrops, giveaways, or reward programs. They are designed to take advantage of the growing interest in XRP and activity on the XRPL. The perpetrators spread these offers through social media, where they try to reach both new and experienced users.

They promise free tokens, NFT rewards, or even to double users’ funds. However, these offers are not real. Instead, they are meant to trick users into giving up access to their wallets or sending funds. The methods rely on deception, not technical flaws from the XRPL.

Common Methods Scammers Use

One common method leveraged by these individuals is impersonation. Specifically, scammers create fake profiles pretending to be well-known figures like Schwartz or Ripple CEO Brad Garlinghouse. They also pose as projects linked to the XRPL, including those connected to Flare. 

These fake accounts are especially common on Instagram and Telegram. One XRP community member flagged a profile that fits this description on Instagram last month, urging the community to mass-report it.

Another tactic involves NFTs. With this, scammers send unsolicited NFTs to users’ wallets. These NFTs may look empty, have strange names, or include misleading messages suggesting verification. Wietse Wind from the Xaman wallet has warned users to cancel unknown offers immediately.

They often come with a “Buy Offer.” If a user accepts or signs this offer, it can lead to a loss of XRP or other assets. XRPL blockchain explorer Bithomp also called attention to this scam tactic a few days ago.

Be aware of new scams on the #XRPL.

Scammers are tricking users into signing NFT Buy Offers with misleading memos like:
“Verification: Safe XRPL verify message.”
Those offers can get accepted and drain huge amounts of $XRP.

Always double-check:

– what transaction type you are… pic.twitter.com/nNl6Mj4Ryl

— Bithomp (@bithomp) May 11, 2026

Phishing is also widely used, where scammers direct users to fake websites and ask them to connect their wallets or sign transactions to claim rewards. Once they do, their wallets can be drained. 

Some schemes still follow the old pattern of asking users to send XRP with the promise of receiving more in return. In one reported case, a user allegedly lost 6,000 XRP through such a scheme.

How to Stay Safe

Schwartz’s warning aligns with long-standing advice from Ripple and the XRP community. Notably, legitimate organizations do not run random giveaways or ask users to send funds, share private keys, or reveal seed phrases.

To stay safe, investors should avoid clicking on unknown links or connecting their wallets to untrusted websites. It is important to double-check all information through official and verified channels, especially announcements related to rewards or airdrops.

Users should also ignore and report suspicious messages or accounts. Wallet tools, such as those developed by Bithomp and working on Xaman, can help users review and cancel unknown offers before they cause harm. If a scam does occur, acting quickly may help limit damage, but recovery is often difficult.