Xumm Wallet Warns As Scammers Launch Fake Ripple Giveaway Promotion to Steal Unsuspecting Victims’ XRP 

Scammers have continued to launch different tactics to cart away digital currencies from unsuspecting victims. 

Xumm, a non-custodial wallet on the XRP Ledger, has warned XRP holders of a new tactic launched by malefactors to steal their Ripple coins.

According to an announcement by the cryptocurrency wallet provider, scammers claiming to be Ripple are sending emails to potential victims.

The content of the message read that a whopping 500 million XRP will be distributed to XRP Ledger holders while luring these users to a website that looks like the initiative is officially from Ripple.

A closer look at the website will reveal that the entire move is a scam, as the domain name is tweaked to mislead people. The “i” in “Ripple” is replaced with another character, which will most likely be ignored if not properly looked at.

There is a sign-in page on the website, apps.rlpple.com, where potential victims will be required to connect their Xumm, Trezor, or Ledger wallet, to receive a portion of the fund.

Fortunately, Xumm noted that it has blocked the malicious website from accessing its wallets.

However, if users ignore the warning signs and log in with their wallets, the user will be prompted to sign a “SetRegularKey” transaction.

“If a user were to engage, they would authorize another XRPL account (owned by the scammers) to send transactions on your behalf,” Xumm said in a statement.

Once this is done, the malefactors will proceed to empty the victims’ accounts, Xumm added.

The XRPL-based wallet, however, added some safety tips to keep XRP holders safe from being the victim of crypto heists.

“NEVER SIGN A TRANSACTION IF YOU DON’T FULLY UNDERSTAND WHAT IT WILL DO! If you signed a Set Regular Key without explicitly wanting to authorize the other account on your account, please remove it ASAP.”

They then empty your account.

NEVER SIGN A TRANSACTION IF YOU DON’T FULLY UNDERSTAND WHAT IT WILL DO!

If you signed a Set Regular Key without explicitly wanting to authorize the other account on your account, please remove it ASAP.

Questions? Contact Xumm Support (only In-app)

— XUMM Support (@XummSupport) July 8, 2022

Other Scam Tactics

As cryptocurrencies become increasingly popular, billions of dollars worth of crypto assets have been stolen and these bad actors do not seem to be in any mood to stop these malicious activities.

These bad actors have launched different methods to steal crypto investors’ funds. In May, TheCryptoBasic reported that scammers created fake Terra (LUNA) tokens and airdropped large amounts of them into the wallets of popular crypto players, including Ethereum’s Vitalik Buterin.

The idea is to make unsuspecting victims believe that the fake tokens were created by TerraForm Labs, as part of efforts to compensate investors for their losses.

Once many are convinced, they will be prompted to invest in cryptocurrency with the hope that its value will soar in the future.

However, the creators of the malicious cryptocurrency plan to carry out a rug pull on investors of the fake LUNA tokens.

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