Ripple, the blockchain company behind XRP, has warned the cryptocurrency community about the increasing scams following a strong price surge of the asset.
In an update on December 2 on X (formerly Twitter), Ripple reminded users that they will never ask for XRP transfers. The company clarified that this policy extends to its executives, including CEO Brad Garlinghouse and CTO David Schwartz.
It writes:
"The rise in the cryptocurrency market correlates with an increase in scams—remember that Ripple will never ask you to send XRP, and neither will Brad, David, Monica, Stu, or anyone else from Ripple."
Ripple also shared a video exposing how scammers use deepfake technology to impersonate its top leaders. The video contrasts a legitimate message from Garlinghouse with a scam deepfake soliciting XRP.
This aligns with Garlinghouse's previous warnings about the increasingly common deepfake scams, particularly those involving fake XRP giveaway advertisements. Over the past year, these scams have increased, with some even editing old footage to deceive victims.
Ripple fights against cryptocurrency scams
Ripple has reinforced its commitment to combating fraud through proactive measures. The company states that it monitors and reports suspicious activities to authorities and collaborates with blockchain partners to counteract fraud schemes.
The company also advises users to exercise caution by verifying claims through official channels, using an updated browser with built-in security features, and trusting their instincts when faced with offers that seem too good to be true.
Ripple states:
"If you suspect that you have encountered cryptocurrency crime or have fallen victim to cryptocurrency fraud or scams, you can report the fraudulent incident and/or other suspicious activities related to cryptocurrency to local authorities and law enforcement agencies."
The price surge of XRP
This warning message comes in the context of a significant surge in XRP price, pushing it to $2.68, the highest price since January 2018. Over the past month, the asset has increased by 436%, including an 87% rise in the previous week and a 10% increase in the past 24 hours.
Market observers suggest that this upward trend is due to optimism surrounding the legal battle between Ripple and the Securities and Exchange Commission (SEC) and expectations for the launch of spot XRP exchange-traded funds (ETFs) in the United States.
