Ripple Warns XRP Holders Against Potential Scam Tactics

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.

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

Learn how to protect yourself from scams: https://t.co/ikEFe4uf3r pic.twitter.com/No20jwLh9g

- Ripple (@Ripple) April 11, 2024

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.

A lot of scammers are taking advantage of the recent good news to try to cheat and steal. There are no airdrops, giveaways, or special offers associated with this ruling.

- David "JoelKatz" Schwartz (@JoelKatz) July 13, 2023

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