The epic victory of Ripple over the Securities and Exchange Commission (SEC) sent a whirlwind of joy and enthusiasm across the crypto market. Its effect immediately reflected on the XRP coin price as it skyrocketed within a short time above 25%. This brought a renewed hope for the project’s future which has been consolidating and exhibiting slow movement for a while.

While genuine investors and community members are rejoicing, scammers are busy taking advantage of the situation, creating fake campaigns and targeting unsuspecting users. The significant increase in these dubious campaigns pushed Ripple to send a warning to the community on social media, reminding them to take caution.

Scammers Take Advantage of Recent Win

The alarming numbers of XRP scams caught the attention of Ripple officials. David Schwartz, the Chief Technology Officer at Ripple, previously issued a warning on X (formerly Twitter) that still applies today, pointing to the fact that a lot of scammers are taking advantage of the court ruling. He noted that these perpetrators are trying to cheat and steal from the XRP community.

The offers come in the form of airdrops and giveaways. These scammers create fake websites, sometimes with striking similarities with the official Ripple website to fool unsuspecting users. They post phishing links in the campaign luring investors to click on it and claim a highly limited offer. They create a sense of rush and timeliness to persuade users to engage with the links.

These links are designed to exploit wallets. Users find that their cryptocurrencies are drained after they click on them. Thus, Schwartz warned that there are no special offers, airdrops, or giveaways that come with the court ruling.

Highlighting this comment, the Ripple official account stressed that following the Wednesday victory, there has been an upswing in the number of scams. It warned the community to be aware of scams presented through fake Ripple accounts, including fake accounts of executive members including its CEO Brad Garlinghouse.

And once again with Wednesday's historic victory, we've seen an uptick in scams. Please beware of scam "Ripple" accounts, fake executive accounts or others promoting "XRP Giveaways" or "XRP Airdrops." Ripple and its executives will NEVER ask you to send funds anywhere. https://t.co/uGitnz71yn

— Ripple (@Ripple) August 9, 2024

He concluded by stressing that Ripple and its executives will never ask users to send funds to any account or wallet. If there will be any offers, they will be announced through official channels and investors are advised to observe and crosscheck any information and details presented on social media before taking any action.

Scammers Also Target Ripple Stablecoin Now in Private Beta Mode

Meanwhile, Ripple also emphasized that the scammers are not only targeting XRP, rather, they have moved towards the highly anticipated stablecoin, RLUSD. Ripple noted on an X thread that users should beware of scammers who claim that they have and can distribute the stablecoin stressing that it is still in private beta mode.

The private beta mode is currently on XRP Ledger and the Ethereum mainnet. However, the stablecoin has not received regulatory approval for a launch, therefore, it cannot be purchased or traded at this time.

Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…

— Ripple (@Ripple) August 9, 2024

Additionally, Ripple noted that this is a notable milestone and marks another step closer to bringing high-quality assets to the XRP Ledger. This development will bring new opportunities, create liquidity, and create new institutional use cases for developers, users, and applications in the ecosystem.

The Ripple RLUSD is a stablecoin that is pegged 1:1 to the USD. It is backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. Ultimately, Ripple asserts that it will publish any further updates in a monthly release.

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