On August 9, 2024, Ripple Issues Alert for its XRP community about a rise in scams following a recent court ruling. The company was fined $125 million for securities law violations involving over 1,200 sales. Since this ruling, scammers have been exploiting the situation, prompting Ripple to alert users to be cautious.
Increased Scam Risks
Ripple reported that fraudsters are using the court decision to trick XRP holders. These scammers are running fake offers and phishing schemes, pretending to be connected with Ripple. They are promoting false “XRP Giveaways” and “XRP Airdrops” on social media and other platforms. Ripple made it clear that it will never ask users to send money or join such promotions.
The company has also noticed a troubling rise in fake accounts pretending to be Ripple executives, including CEO Brad Garlinghouse. These fake accounts often use AI-generated images and fake credentials to look real. Scammers typically promise users extra XRP in exchange for an initial payment, but these offers are fraudulent.
Ripple warned that these schemes are not genuine and advised users to be careful. The company has consistently stated it will never ask for XRP from users. Ripple encourages anyone who encounters suspicious activities to report them to the proper authorities.
In addition to the XRP scams, Ripple has warned about potential fraud related to its RLUSD stablecoin. Although Ripple is testing RLUSD on the XRP Ledger and Ethereum mainnet, the stablecoin is not yet licensed. Scammers are making false claims about early access to RLUSD. Ripple confirmed that these offers are fake and urged users to rely only on official sources for accurate information.
Ripple is taking steps to protect its community from scams and advises users to remain vigilant. Users should verify any communications claiming to be from Ripple and check official sources for accurate updates.
