Ripple Sounds Alarm on Scams as XRP Rockets to Third-Largest Crypto

  news.bitcoin.com 3 h

Ripple warns investors of escalating scams as XRP’s value surges over 400%, urging vigilance against fraud tactics like deepfakes, phishing, and fake giveaway schemes.

Ripple to Investors: Beware of Scammers Exploiting XRP’s Unstoppable Surge

Ripple has raised concerns about the surge in cryptocurrency scams as the digital asset market continues to expand. The company issued a strong warning on social media platform X, emphasizing that anyone from Ripple — including CEO Brad Garlinghouse, Chief Technology Officer David Schwartz, President Monica Long, and Chief Legal Officer Stuart Alderoty — will never request XRP transfers from users. Ripple stated:

Uptick in the crypto market means uptick in scams —Reminder that Ripple will never ask you to send XRP, and neither will Brad, David, Monica, Stu, or anyone else from Ripple. Stay vigilant!

The crypto firm further encouraged the public to recognize fraudulent activity and utilize its resources to stay informed and protected against scams. Ripple also reaffirmed its active stance against crypto fraud by working with law enforcement agencies like the FBI and coordinating with blockchain organizations.

XRP has been on a meteoric rise, recently climbing over 400% last month, solidifying its position as the third-largest cryptocurrency by market capitalization, now surpassing $150 billion. This surge is fueled by optimism surrounding Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), with market analysts speculating a favorable outcome that could set a significant precedent for crypto regulations.

Additional bullish momentum stems from Ripple’s expanding partnerships in cross-border payment solutions, alongside rumors of an XRP-backed exchange-traded fund (ETF) potentially entering the U.S. market. Furthermore, Ripple’s anticipated stablecoin, RLUSD, is poised to integrate seamlessly with major financial institutions, driving long-term adoption and investor confidence. The renewed institutional interest and robust fundamentals suggest that XRP could maintain its explosive trajectory, captivating the attention of the global crypto market.

On its website, Ripple highlighted the most common tactics used by scammers, such as impersonation through deepfakes of executives like Garlinghouse, phishing emails, and fraudulent giveaway posts demanding funds to claim rewards. To combat these schemes, Ripple outlined several proactive measures, including collaborating with third-party experts to monitor online scam activity, alerting authorities, and educating users on identifying red flags. Tips included verifying information through official channels, avoiding unsolicited requests for funds, and using secure digital wallet plugins.

The company stressed the importance of reporting suspicious activity to local law enforcement or agencies like the FBI. Ripple’s comprehensive guide urges individuals to stay cautious, stating that if an offer seems “too good to be true,” it likely is. The warning serves as a call to action for both individuals and organizations to remain vigilant and work collectively to mitigate crypto fraud.

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