David Schwartz warns of crypto scam targeting recovery phrases

David Schwartz, CTO Emeritus of Ripple, has issued an urgent security warning regarding a cryptocurrency phishing scam targeting users' recovery phrases. The scam involves fraudulent notifications that appear to originate from the SecuX wallet application on Android devices.

Schwartz reported that the suspicious notification claims a critical security vulnerability has been detected, urging users to verify their wallets via an external link to protect their funds. Upon clicking the link, users are directed to a fraudulent website designed to solicit their 12- or 24-word seed phrases. Because these recovery phrases provide total access to non-custodial wallets, anyone who obtains them can drain a user's funds without a password.

Schwartz emphasized the danger of these schemes, which often use urgency—such as claims of account blocks or security errors—to trick victims. He strongly cautioned the community to never share their recovery phrases under any circumstances, stating, “NEVER DO THAT!”