Members of the XRP community are now at risk of a new scam surrounding the forthcoming launch of the Ripple USD (RLUSD) stablecoin.
Various reports on X have inadvertently promoted the idea that 1 billion RLUSD tokens have been issued, citing supposed “evidence” from XRP Ledger blockchain explorers.
The associated XRPL account has multiple recent transactions, mostly executed in the last 48 hours. These transactions primarily consist of trust-line transactions involving phantom RLUSD tokens in billions.
Some community members have asserted that this development is genuine since it is visible on an XRPL address, especially given that RLUSD is expected to launch on XRPL.
RLUSD Not Yet Issued
However, reputable figures in the XRP community have swiftly denounced this as a scam. Vet, an XRPL dUNL validator and founder of NFT marketplace xrp.cafe, emphasized that RLUSD has not been issued yet. He urged members to wait for official information from Ripple to avoid falling prey to scammers.
The official stablecoin of Ripple $RLUSD is not issued and available yet !
Always wait for the official information by @Ripple and @RippleXDev respectively!
Scammers are taking advantage of you if you don't stay vigilant. https://t.co/Y29P6nUB4d pic.twitter.com/ZuaLwNFsjC
— Vet 🏴☠️ (@Vet_X0) June 17, 2024
Similarly, Wietse Wind, founder of Xumm (now Xaman) developer team XRPL Labs, stressed that the supposed RLUSD token is fake. According to him, they were created by scammers attempting to sell worthless assets on the DEX or through AMM. “Do not engage,” he cautioned.
“Activated by Bitrue” Means Nothing
Meanwhile, community members resist these warnings, citing the wallet’s activation by the Bitrue exchange, which falsely lends credibility to the claim.
Wind clarified that being activated by Bitrue only means a Bitrue user activated the account or that the scammer used the exchange to send the first deposit, which does not confer any legitimacy.
At the same time, enthusiasts are puzzled about how bad actors could fake the minting of RLUSD or adopt the “RLUSD” ticker. Wietse Wind explained that the XRPL is an open network where anyone can issue anything, whether fake or genuine.
He emphasized that anyone can create assets using any name they choose, but the name alone does not make the asset trustworthy.
Anyone can create anything. There's Gatehub USD, there's Bitstamp USD, I can issue Wietse USD, you can issue Moon 2005 USD. Doesn't make all of them trustworthy.
— WietseWind (🪝🛠 Xaman @XRPLLabs) (@WietseWind) June 17, 2024
This point is further illustrated by a recent report revealing how some dishonest individuals used Elon Musk’s identity to falsely suggest that X/Twitter was testing payments with XRPL.
Amid this latest scam, X user Vincent Van Code questioned why anyone would be in such a hurry to buy a stablecoin like RLUSD, considering it would not yield any financial gain. He suggests those who fall for the scam deserve the loss as he expects it to teach them a valuable lesson.
Significantly, the Ripple stablecoin will launch before 2024 ends. Just as Ripple announced the RLUSD name for its stablecoin last week, similar official press releases will also announce its launch.
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.
