In a recent tweet, the prominent crypto self-custody service Ledger issued a stern security alert for holders of XRP tokens.
This security call comes amid mounting targeted attempts to defraud XRP enthusiasts of their digital assets. Interestingly, the security risk that sparked Ledger’s comment involved fraudsters using the imagery of Ripple CEO Brad Garlinghouse.
Given the evolving tactics, the crypto self-custody platform warned XRP holders to beware of fraudulent activities of the bad actors.
Specifically, Ledger noted that scammers actively target the XRP Army through deceptive airdrops crafted to compromise and steal crypto assets. It urged caution, emphasizing the need to stay vigilant to protect their crypto funds.
? Attention #XRP users ?
Fraudsters are targeting the $XRP community with fake airdrops designed to steal your crypto funds ?️♂️
– Never transfer funds to unfamiliar addresses ❌
– If it seems too good to be true, it likely is ?
– NEVER disclose your… pic.twitter.com/orPEtYsjZX
— Ledger Support (@Ledger_Support) November 23, 2023
Scammers Using Ripple CEO’s Image to Promote Fraud
Two weeks ago, The Crypto Basic disclosed how bad actors used deep fake technology to create a false scene where Ripple’s CEO announced a fraudulent giveaway. It is important to note that the Ripple team has consistently cautioned that the company is not conducting any XRP airdrop.
The frequency of scams targeting XRP holders has heightened following XRP’s July legal victory.
Ledger’s Tips to Avert Targeted Attacks
Meanwhile, the self-custody platform shared tips for XRP holders to thwart the risk of falling for the highly targeted scam attempts. Its first measure was never to transfer crypto funds to unfamiliar wallets.
This emphasizes the importance of XRP holders exercising great caution when engaging with addresses or wallets encountered for the first time.
Additionally, Ledger advised that if an offer appears too good to be true, it is likely suspicious. For instance, scammers have been known to request their targeted victims to send 1,000 XRP, promising to receive 2,000 XRP in return. This simple action of sending crypto to receive double the amount is an example of a lurking fraud.
Lastly, the self-custody service stated: “Never disclose your 24-word recovery phrase.”
Notably, a 24-word recovery phrase, also known as a seed phrase or mnemonic phrase, is a series of 24 words a crypto user gets when creating a crypto wallet. It serves as a backup and recovery mechanism for the specific wallets created.