Home Ripple Warns XRP Holders Against Potential Scam Tactics
Crypto News

Ripple Warns XRP Holders Against Potential Scam Tactics

Rida Fatima Crypto/Tech Content Writer Author expertise
Disclosure
Disclosure
In our content, we occasionally include affiliate links. Should you click on these links, we may earn a commission, though this incurs no additional cost to you. Your use of this website signifies your acceptance of our terms and conditions as well as our privacy policy.

Ripple, the blockchain company behind XRP, recently alerted holders about the latest scamming tactics of bad actors in the industry. According to the San Francisco-based firm, some scammers are flaunting fake giveaways to XRP holders.

In its recent post, Ripple warned the XRP community about this attack and advised the token holders to always be vigilant against enticing posts regarding XRP. 

Ripple Cautions The XRP Community Against Fraudsters

Also, in the post, Ripple discouraged the community members from participating in any program that promised XRP-doubling rewards. Notably, the XRP community is faced with increasing XRP-doubling scams on social media.

Further, Ripple reassured the XRP holders that it would never ask for XRP tokens from users as a promotion. Ripple stated:

@Ripple will never ask you to send us XRP Ever. Neither will Brad, David, Monica, Stu, or anyone from Ripple.

Based on reports, these scammers usually create fake profiles of top Ripple executives, such as CEO Brad Garlinghouse, using AI tools. 

Through such cloned accounts, they promote XRP-related giveaways to community members. Sometimes, the scammers could present a phishing link, urging people to click and join the fake giveaway program. 

Also, they will promise to share several XRP tokens running in thousands as rewards for such participation. However, the tricky part of the process is that they require participants to transfer a certain amount of XRP tokens to a linked account. 

Usually, they promise users will get double the XRP coins they send. As a result, some vulnerable XRP holders have already become victims of such scams. The total amount of stolen XRP through the scam is still unknown. 

Ripple Reveals Scammers’ Gimmicks And Plans To Fight Back

Still, the scammer’s alert included a demo video highlighting how bad actors could use AI tools to deceive innocent investors into participating in their fraudulent giveaway programs.

The video showed a fake version of CEO Garlinghouse urging XRP holders to join a giveaway program. The fake CEO persuaded them to transfer their XRP tokens and get a double afterward.

But later, the actual CEO Garlinghouse appeared in the video to disperse the fake promises of the cloned version. He mentioned that Ripple/XRP has no such ongoing giveaway program.

Further, Ripple’s CEO cautioned the fraudsters that the company is closely monitoring their activities. While calling them pathetic lowlifes, the CEO mentioned that Ripple would take necessary measures to counter their scamming tactics.

Meanwhile, this is not the first fraudulent scheme against XRP holders. A similar attempt came shortly after the firm participated in its legal case with the SEC in July 2023.

Some scammers used the celebration to defraud XRP holders by promising giveaways, airdrops, and special offers. However, Ripple CTO David Schwartz promptly debunked such claims.

🔎Looking for the next 10X crypto?
Check out the most popular presales right now

The Tech Report - Editorial ProcessOur Editorial Process

The Tech Report editorial policy is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by real authors.

Question & Answers (0)

Have a question? Our panel of experts will answer your queries. Post your Question

Leave a Reply

Write a Review

Your email address will not be published. Required fields are marked *

Rida Fatima Crypto/Tech Content Writer

Rida Fatima Crypto/Tech Content Writer

Rida is a Tech freelancer and she’s a technology and cryptocurrency geek but also writes intuitive articles on other topics. Rida's motto is ‘‘Research Deeply, Test Thoroughly, and Write Simply.

Latest News

News

South Africa’s Justice Department Suspends Third-Party Payments after Attempted Cyberattack

Elon Musk Says AI Will Take All Our Jobs In The Future 
News

Elon Musk Says AI Will Take All Our Jobs In The Future 

Elon Musk has always been known for his brutally honest and no-nonsense statements. My personal favorite of his is “Offer me money, offer me power, I don’t care,” but this...

SEC Wins Against YouTuber Ian Balina Over Unregistered Crypto Promo
Crypto News

SEC Wins Against YouTuber Ian Balina Over Unregistered Crypto Promo

The US Securities and Exchange Commission (SEC) continues to fight crypto-related scams. Notably, the agency has filed several lawsuits against firms and other participants in its quest to regulate the...

Financial Analyst Predicts Massive Upcoming Rally for XRP
Crypto News

Financial Analyst Predicts Massive Upcoming Rally for XRP

Bitcoin Options Expire Soon: Could This Lead to a Rise in Crypto Prices?
Crypto News

Bitcoin Options to Expire Soon: Could This Lead to a Rise in Crypto Prices?

Use Glue To Stick Cheese To Your Pizza: Says Google AI Overview
News

Use Glue to Stick Cheese to Your Pizza, Says Google AI Overviews

Crypto News

Crypto Expert Predicts Dogecoin ETF is Next After SEC Ethereum ETF Approval