Ripple CTO David Schwartz issued a warning to XRP holders after pro-XRP lawyer John Deaton made a suspicious post on X (formerly Twitter).
This comes after attorney Deaton took to X to promote Arch Public, a crypto firm claiming to utilize algorithmic automation to level the playing field for investors.
In the post, Deaton claimed he had started working with the Arch Public team and set up an account on the leading crypto exchange Gemini to run ‘XRP and Bitcoin Algos.’
He suggested that the initiative would help to ‘produce cash yield’ as users ‘add more XRP’ to their accounts.
Strange Post?
However, the post did not go down well with many long-term followers of Deaton, who found it strange. This stems from the fact that Deaton barely endorses crypto-related projects through his X account.
His posts usually center on crypto law, industry regulation, and, most recently, U.S. politics, which saw him vie to become Massachusetts Senator in the last election. Deaton is a popular figure in the crypto community, particularly XRP, following his contributions in the SEC v. Ripple lawsuit, where he represented XRP holders.
His recent endorsement of Arch Public, a project with less than 3,000 X followers, raised some eyebrows among XRP proponents.
Ripple CTO Issues Warning
As a result, Ripple CTO David Schwartz issued a warning to the broader XRP community about the post. Schwartz emphasized that the post looked “wrong in several ways.”
Therefore, he urged XRP enthusiasts to remain cautious until there is evidence that Deaton’s account has not been hacked. Notably, the former U.S. Senate candidate was a victim of an X hack in 2023.
Then, The Crypto Basic reported how malicious actors hacked his X account to promote a scam token named LAW. However, the top lawyer contacted other XRP proponents, who debunked the post.
Given that Deaton’s X account had been compromised before and his recent endorsement of Arch Public, many, like Schwartz, suspected it might have been hacked again.
Deaton Reaffirms Intentions
Amid this concern, a statement emerged from Deaton’s account to legitimize the previous post. He emphasized that one of his life’s goals after escaping poverty was to democratize investing for regular people while combating traditional oppressive exclusionary practices.
He claimed this vision attracted him to invest in digital assets like Bitcoin. Further, he suggested that his decision to represent XRP holders in the Ripple lawsuit stirred controversy, with some Bitcoin maxis calling him a ‘Ripple Plant.’
The post also mentioned Deaton’s investment in SpendTheBits, which prompted similar concerns. Further, it reiterated support for Arch Public’s free algorithm, stating that it provides small investors with tools that were once available only to hedge funds.
Moreover, Deaton announced plans to address the concerns relating to the Arch Public post via a live stream slated today at 3 p.m. (EST).
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
