Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Similar to other phishing websites, the website for the LAW token asked users to connect their wallets. There haven’t been any reports of users falling victim to this scam or losing funds.
Over the last Sunday, June 4, pro-Ripple lawyer John Deaton saw his Twitter account hacked amid relentless cyberattacks taking place over the past several days. The popular XRP lawyer was quick enough to alert his followers by tweeting through his other account CryptoLaw.
Responding to the hacker’s tweet from the attorney’s account, CryptoLaw clarified that the tweets were not officially from Deaton but from the hackers. CryptoLaw wrote:
“John Deaton’s phone has been hacked today after a relentless cyberattack over several days. This is NOT a legitimate tweet. His account has been taken over. He has taken immediate steps to remedy the situation. Please disregard it and all communications from it until you hear from the team here at CryptoLaw that he has recovered his Twitter account.”
Interestingly, the hack took place on the same day as John Deaton’s birthday. This could be a well-calculated move from the hackers to boost the legitimacy of their tweets while offering a fake giveaway of the LAW token.
The attorney has gained recognition in the crypto community for his strong stance against regulatory enforcement actions taken by US agencies, making him an influential figure in the field.
Hacking of popular crypto-supporting Twitter handles has been happening quite frequently, especially during the crypto winter of the last year. The dissemination has false information poses a significant risk to investors losing their investments.
While there have been different forms of crypto hacks in the market, phishing scams have been the most prominent ones. Here, the scammers use different ways such as hacking the Twitter accounts of famous personalities or hacking the Discord channels of different crypto projects, as well as spamming posts with phishing links.
Scamming Using the LAW Token
As per the scammers, the token “introduces an innovative approach to tokenization and DeFi, centered around crypto regulation and jurisdiction”.
Phishing links often entice users with promises of airdrops for established or new projects. These scams typically trick users into connecting their wallets, leading to the loss of their funds. The website for the LAW token appears similar to phishing sites and also asks users to connect their wallets. As of now, there haven’t been any reports of users falling victim to this scam or losing funds.
Also, other prominent XRP community members warned others to be wary of the scam. Ripple’s CTO, David Schwartz, was quick to respond adding:
“CAUTION: This is a fake. I guess John’s account was hacked. The site is a rip-off offuse.io and is broken in many ways. Registration is anonymous. The only evidence this is a thing is from John’s Twitter.”
Read other crypto news on Coinspeaker.