San Francisco-based crypto payments company Ripple has alerted XRP community members to a scam ravaging its ecosystem.
In a recent tweet, Ripple cautioned XRP holders to remain vigilant and never participate in any XRP-doubling program.
Scammers Target XRP Community
For the uninitiated, these scammers leverage artificial intelligence (AI) tools to clone top Ripple executives, like the company’s CEO Brad Garlinghouse, to promote these giveaways.
The illicit actors sometimes ask users to click a phishing link to participate in the fake giveaway program that promises to distribute thousands of XRP in rewards. Participants of these programs are urged to send their XRP funds to an address to receive double of any amount sent.
Some unsuspecting XRP holders have already fallen prey to these fake giveaway programs. However, it is unclear how much XRP has been stolen so far.
Ripple Issues New Warnings
As more XRP-doubling scams continue to make rounds within the XRP community, Ripple publicly clarified that it would never make such requests from crypto investors.
Ripple emphasized that neither the company nor any of its execs, including Garlinghouse, Stuart Alderoty (CLO), Monica Long (President), and David Schwartz (CTO), will ever ask users to send XRP to the company.
BREAKING: @Ripple will never ask you to send us XRP. Ever.
Neither will Brad, David, Monica, Stu, or anyone from Ripple.Learn how to protect yourself from scams: https://t.co/ikEFe4uf3r pic.twitter.com/No20jwLh9g
— Ripple (@Ripple) April 11, 2024
The leading crypto payments company attached a demo video to the tweet, illustrating how scammers utilize AI tools to lure unsuspecting investors into participating in the malicious giveaway.
In the video, an imitation of Garlinghouse encouraged users to engage in an XRP giveaway initiative, enticing them to double their coins by sending them in. However, the authentic Ripple CEO also appeared in the video to rebut the assertions of any such ongoing giveaway.
Ripple Fights Back
Furthermore, Garlinghouse warned the scammers, whom he labeled as pathetic lowlifes, that their actions are being monitored and that the company is taking measures to combat these fraudulent activities.
It is worth mentioning that scammers have been targeting XRP holders since Ripple secured a partial victory against the U.S. SEC in July 2023.
At the time, these illicit actors announced a malicious XRP giveaway, noting that the move was part of an effort to celebrate Ripple’s victory over the SEC. They took a more aggressive approach toward the end of last year, leveraging AI tools to create deepfake videos promoting these scams.
The deepfake videos feature Garlinghouse urging XRP community members to participate in the illicit giveaway. As usual, Ripple has been resilient in debunking these claims to protect unsuspecting investors from falling prey to these scams.
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