Ripple Sounds the Alarm Over XRP Scams

Enterprise blockchain company Ripple has issued a fresh scam warning on its social media profile amid a cryptocurrency market uptick. 

The company has stressed that it will never ask XRP holders to send it tokens as part of giveaways. The same applies to the company’s top executives, including CEO Brad Garlinghouse and President Monica Long. 

Ripple has warned XRP holders against clicking website links that seem suspicious. One should also refrain from engaging with social media accounts that appear to be suspicious. 

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One of the most common types of scams involves fraudsters promising huge amounts of XRP with fake giveaways. XRP holders could also be baited with the help of fake airdrops. Scammers often use fake tweets and Medium articles impersonating Ripple executives.    

Ripple also issued a similar scam warning back in August 2024 after the company re-emerged in the spotlight following its legal victory against the SEC. 

As reported by U.Today, cryptocurrency scams are becoming more advanced with the help of artificial intelligence (AI). Scammers now rely on convincing deep fakes and voice-changing software in order to trick potential victims into sending them crypto. 

Former Binance CEO Changpeng Zhao recently revealed that his voice was recently cloned with extreme accuracy to the point where he himself could not tell the difference.    

Ripple has been fighting fraudsters for a long time. Back in 2020, the company even took video-hosting juggernaut YouTube to court over its reluctance to crack down on XRP-centered cryptocurrency scams. The lawsuit was then settled in 2021, but Ripple scams continued to pop up on the platform.