Ripple has sounded the alarm for its network, saying that as XRP skyrockets, scams have also increased. Specifically, in the past month, XRP has increased in value by more than 400%, becoming the third largest cryptocurrency by market capitalization. However, with such unprecedented growth, Ripple is keen to warn that it has seen a sharp increase in fraudulent scams.

Ripple's Stance Against Fraud

As social media platform X, Ripple assures its customers that it, founder and CEO Brad Garlinghouse, will never ask users to send XRP. A message from the company reads,

“Ripple will never ask you to send XRP, nor will Brad, David, Monica, Stu, or anyone else from Ripple.”

Always be vigilant!”

Ripple also described its strategy for tackling scams, which includes working with law enforcement agencies like the FBI, tracking fraud-related activities with other experts, and educating users to report any scams.

XRP's Latest Success Leads to Scammers Targeting Investors

XRP's recent surge, fueled by hopes of Ripple's lawsuits against the US SEC and increased institutional adoption, has also made the token a favorite target for scammers. Partnerships in cross-border payment solutions and offers for an XRP-backed exchange-traded fund or ETF have helped push Ripple across the market.

However, this increase also attracts unscrupulous people who want to make profits by using the increased investment sources such as deep fakes, phishing emails, and fake giveaways.

How to Protect Yourself from XRP Scams: Tips and Warning Signs

Ripple has come up with some tips to help users avoid scams. These tips include

  • Information is always cross-checked from official channels to avoid spreading fake information.

  • Do not respond to messages that ask for money or personal information or pressure you into taking action.

  • Secure digital wallet plugins like Metamask and Coinbase can also be useful when using within a blockchain network.

Some of the most common forms are fake social media profiles, fraudulent posts with offers of free gifts to be received for a fee, and fake scam messages that mimic legitimate messages from Ripple, it is best to avoid them.

The message is clear: no matter what the deal is, if it seems too good to be true, there is always something wrong with it. With issues constantly emerging in the use of cryptocurrencies, Ripple offers a variety of resources that are essential defenses for potential victims.