Ripple warns investors of escalating scams as XRP’s value surges over 400%, urging vigilance against fraud tactics like deepfakes, phishing, and fake giveaway schemes.
Ripple to Investors: Beware of Scammers Exploiting XRP’s Unstoppable Surge
Ripple has raised concerns about the surge in cryptocurrency scams as the digital asset market continues to expand. The company issued a strong warning on social media platform X, emphasizing that anyone from Ripple — including CEO Brad Garlinghouse, Chief Technology Officer David Schwartz, President Monica Long, and Chief Legal Officer Stuart Alderoty — will never request XRP transfers from users. Ripple stated:
Uptick in the crypto market means uptick in scams —Reminder that Ripple will never ask you to send XRP, and neither will Brad, David, Monica, Stu, or anyone else from Ripple. Stay vigilant!
The crypto firm further encouraged the public to recognize fraudulent activity and utilize its resources to stay informed and protected against scams. Ripple also reaffirmed its active stance against crypto fraud by working with law enforcement agencies like the FBI and coordinating with blockchain organizations.
XRP has been on a meteoric rise, recently climbing over 400% last month, solidifying its position as the third-largest cryptocurrency by market capitalization, now surpassing $150 billion. This surge is fueled by optimism surrounding Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC), with market analysts speculating a favorable outcome that could set a significant precedent for crypto regulations.