Coinbase CSO at Ripple Swell: New Ways to Track Crypto Scams Discovered

  u.today 1 h

Among the keynote speakers at the currently running Ripple Swell event is Coinbase chief security officer (CSO) Philip Martin. During a fireside chat with Ripple’s VP and Deputy General Counsel Deborah McCrimmon, Martin elaborated on the topic of cryptocurrency scams.

Crypto scams easier to track than USD scams: Coinbase CSO

While mentioning that they continue to evolve, Martin said that strategies to avoid and oppose them are not lagging behind.

Martin revealed that compared to the earlier days of crypto, now those who investigate crypto scams have so much more information available both on individually-made transactions and on an aggregate basis.

“The more assets are involved in the investigation, he said, the more law enforcement is going to pursue that investigation.”

Crypto scams are evolving, but so are the strategies to avoid them.🛡️

Deborah McCrimmon, VP and Deputy General Counsel at Ripple, was joined by Philip Martin, Chief Security Officer at @Coinbase to discuss the importance of continued education and share key tips on protecting… pic.twitter.com/GOZ7DTB3wh

— Ripple (@Ripple) October 17, 2024

In particular, he mentioned that modern tools now allow investigators to look at the volume of transactions and track their destination. They can make assumptions as to whether the destination address is illicit or not. Martin pointed out that this would be a very hard thing to do when trying to investigate the same things with U.S. dollar transfers.

Ripple close to launching its enterprise-grade stablecoin

As reported by U.Today earlier, Ripple has minted and transferred 42 million RLUSD stablecoins over the past two days in six batches, with the largest ones carrying 18 million and two moving nine million RLUSD each.

Ripple USD has been in private beta since the start of August. In the last week of August, Ripple began to mint and then burn RLUSD. Recently, it drastically increased the number of minted stablecoins first to a million, and then to several millions.

As Ripple CEO Brad Garlinghouse reminded followers earlier this week in an X post, this has been almost a year in the making. The Ripple boss intends to make RLUSD “the gold standard for enterprise-grade stablecoins.” Recently, Ripple unveiled its partner crypto exchanges and market makers that will help provide liquidity for the new stablecoin.

It will not be used separately from XRP, however, according to Ripple President Monica Long – both assets are going to be used together.

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