Ripple, the blockchain firm behind XRP, has cautioned the crypto community about increased scams following the asset’s significant price rally.
Ripple, in a December 2nd update to X (formerly Twitter), reminded the users that they will never be asked for XRP transfers. The company confirmed that its policy applies to executives such as CEO Brad Garlinghouse or CTO David Schwartz.
You wrote:
“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.”
Ripple has also released a video showing how scammers impersonate Ripple’s leaders using deepfake technologies. In the video, a genuine message from Garlinghouse is contrasted with a deepfake that solicits XRP.
Garlinghouse had previously issued warnings about the increasing prevalence of deepfake schemes, especially those promoting fake XRP Giveaways. In the last year, there has been an increase in these scams. Some have edited older footage to confuse victims.
Ripple fight against crypto scams
Ripple reaffirmed its commitment to fighting scams by taking proactive measures. The company said that it reported suspicious activities to the authorities, and worked with partners on blockchain to fight fraudulent schemes.
Firm also warned users to remain vigilant and to verify claims via official channels. They should use updated browsers that have built-in safety features. And they must trust their gut instincts if an offer seems too good to believe.
Ripple Statement
“If you suspect you’ve encountered crypto crime, or fallen victim to a cryptocurrency fraud or scam, you can report the incident of fraud and/or other suspicious activity involving cryptocurrency to local government and law enforcement agencies.”
XRP’s rally
This cautionary message comes amid a remarkable rally in XRP’s price, pushing it to $2.68, its highest price level since January 2018. The asset’s price has risen by 436% in just one month. This includes an increase of 87% in the past week, and 10% in the recent 24 hours.
Market observers have attributed this upward trend to optimism surrounding Ripple’s legal battle with the Securities and Exchange Commission (SEC) and the anticipation of spot XRP exchange-traded funds (ETFs) debuting in the US.
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