Scammers are taking advantage of the euphoria in the crypto community triggered by Ripple’s victory in the SEC lawsuit to flaunt several fake XRP airdrop campaigns.
Amid the victory scored by Ripple over the United States Securities and Exchange Commission in the longstanding legal battle over XRP’s classification, many bad players have been parading fake XRP airdrops to take advantage of gullible market participants.
On Friday, these unpleasant developments came to the notice of David Schwartz, Ripple’s Chief Technology Officer (CTO), who also addressed the matter. The blockchain architect and top XRP proponent stated categorically that there are no airdrops, giveaways, or special offers associated with the San Francisco-based crypto solutions company or its recently announced win in the SEC lawsuit.
Noting that the fast-circulating Ripple-branded XRP airdrops are pure scams, Schwarz warned community members to desist from indulging to avoid being scammed or having their wallets drained. Accordingly, the Ripple CTO wrote: “A lot of scammers are taking advantage of the recent good news to try to cheat and steal. There are no airdrops, giveaways, or special offers associated with this ruling.”
A lot of scammers are taking advantage of the recent good news to try to cheat and steal. There are no airdrops, giveaways, or special offers associated with this ruling.
— David "JoelKatz" Schwartz (@JoelKatz) July 13, 2023
Community Reactions
Schwartz received appreciation for the timely update as members of the XRPArmy confirmed seeing many of these fake XRP airdrop campaigns. Likewise, multiple community members attested to reporting several Twitter accounts impersonating both Ripple CEO Brad Garlinghose and CTO David Schwartz.
Unfortunately, a certain user named Rockoban submitted that he fell for the XRP airdrop scam, failing to disclose the extent of his loss. On these grounds, Casey Dee urged the XRP community to aggressively report impersonating accounts to avoid more people being ripped off of their XRP assets.
Rising Impersonation Scams
As impersonation scams continue to rise, the top two Ripple executives, Brad Garlinghouse and David Schwartz, have been the primary target of these impersonators. As reported last week by The Crypto Basic, a scammer has been parading a fake 100 million XRP airdrop using a Twitter account that pretends to be Schwartz.
The fake campaign named after Brad Garlinghouse adopts a Ponzi scheme strategy. Notably, it requires participants to send any amount of XRP to a designated address with a promise of repaying participants with 1000% of the amount sent.
Given the latest developments in the XRP community regarding Ripple vs. SEC lawsuit, Schwartz’s warning is believed to be quite timely. Recall that Judge Analisa Torres ruled in favor of XRP on Thursday, stating that the digital token is not a security. This verdict has resulted in an increasing accumulation of XRP, pushing the asset to become the fourth-largest cryptocurrency by market cap at press time.Â
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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