XRP Community warned against subtle scams by Ledger

Leading hardware wallet provider Ledger took to the X app to warn the XRP community about some fraudsters who are trying to get unsuspecting users to part with their hard-earned assets in the guise of fake airdrops.

XRP Community and Airdrop Bait

Ledger shared a screenshot of a post by one X app account under the moniker @leolrp. The post made earlier this month stated that an ETF is coming soon. To commemorate the coming of the XRP product and the acclaimed progress made, the suspected fraudster announced a gift program that includes a huge XRP event airdrop.

However, Ledger clarified that the news is totally fake. The firm noted that fraudsters are targeting the XRP community with these schemes with the aim of stealing users’ crypto funds. With respect to this illegal marketing, users are advised to stay vigilant especially when it has to do with sharing their private keys. Members of the XRP community were also urged to avoid making transfers to unfamiliar addresses. 

They were equally asked to stay away from offers that sound too good to be true. Most importantly, users should not disclose their 24-word recovery phrase for any reason. 

Meanwhile, the news did not have any negative impact on the market activity of the XRP.  Whale Alert unveiled data that shows massive whale activity revolving around the coin. At the time of this writing, XRP is trading at $0.6129 after gaining 2.83% in the last 24 hours.

Rise of Crypto Scams and Combating Campaigns

It is worth noting that this impersonation strategy by scammers is becoming rampant in the crypto space but even with its growing popularity, users of several protocols end up falling victim. Three weeks ago, blockchain security firm PeckShield Alert raised an alert in the crypto community as Tellor’s X account, @WeAreTellor, fell victim to a phishing scam.

The perpetrator disguised as Tellor and enticed users with promises of a substantial $50,000 TRB airdrop. He left a link behind for interested users who would like to claim tokens and a call to action that reads “hurry before it’s too late. Claim your TRB.” The program ended up being a trap aimed at pulling many unsuspecting users in. 

Such incidents have been a source of concern to several investors and crypto enthusiasts. These individuals see a potential threat to the crypto ecosystem and beyond Ledger, Ripple Labs and its executives also consistently warn against Deep fake videos and other means that might be engineered to commit crime.

✓ Share:

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.