 
 
Ripple’s Chief Executive Officer, Brad Garlinghouse, has warned the public against an abundance of XRP scams targeting users of the cross-border payments cryptocurrency on YouTube.
YouTube has long struggled with misleading content and outright scams on its platform. Despite a lawsuit from Ripple and Google’s own ad policies, XRP scam ads are still making it through the gates and resulting in monetary losses to some holders.
Scammers Exploit XRP’s Upsurge
The latest increase in scammers has obviously coincided with XRP’s recent record price surge.
XRP, the third-largest crypto by market cap, touched $3.65 earlier this week, finally topping the seven-year-old record. The asset has since dipped and was recently trading for $3.19 per coin, according to data from CoinGecko. It is still up roughly 44.7% over the past 30 days amid a wider market rebound sparked by an increasingly favorable political backdrop for cryptocurrencies.
Garlinghouse on Wednesday warned that scammers had hacked YouTube accounts to impersonate the blockchain payments company and promote bogus XRP giveaways.
 
“Like clockwork, with success and market rallies, scammers ramp up their attacks on the crypto community,” the CEO stated on X. “As always, if it sounds too good to be true, it probably is.”
Scammers Stealing Accounts
Garlinghouse retweeted a post from Ripple, highlighting the “uptick of XRP scams” on YouTube, in which scammers “are stealing accounts and then updating the page to impersonate Ripple’s official account.”
Bad actors often use fake XRP giveaways to steal crypto from unsuspecting investors. The advancement of AI has made such scams more deceitful since fraudsters now copy the voices of prominent executives to fool victims.
“We will keep reporting these — please do the same. As always, if it sounds too good to be true, it probably is,” Garlinghouse emphasized.
Ripple Previously Sued YouTube Over Impersonators
It’s worth mentioning that Ripple sued YouTube back in 2020 over allegations that the video-sharing behemoth failed to police its platform against fake XRP giveaway scams, which eventually fleeced millions from unwitting XRP holders.
Ripple ended up resolving its legal dispute with YouTube over XRP scams in 2021. Still, Ripple has continually expressed concerns about the proliferation of crypto scams since then.
Source: https://zycrypto.com/youtube-xrp-scams-on-the-rise-after-record-breaking-price-rally-ripple-ceo-warns/