According to U.Today, San Francisco-based company Ripple has issued a warning about the increase in XRP-related scams following a recent court ruling. Judge Analisa Torres of New York issued a final judgment in the SEC v. Ripple case, ordering Ripple to pay a $125 million fine for violating securities laws with its institutional sales. Ripple described the ruling as a 'historic victory' since the fine was significantly less than what the agency had sought.
Following the court decision, XRP experienced a significant price rally, increasing by more than 20% and becoming one of the most traded cryptocurrencies. This renewed interest has also led to a rise in XRP-related scams. Ripple has warned the XRP community about fake social media accounts impersonating the company and its executives. These fraudulent accounts often promote fake giveaways and airdrops to deceive users into sending their funds.
Ripple emphasized that neither the company nor its executives would ever ask users to send funds. Due to its popularity, Ripple and its CEO Brad Garlinghouse are frequently impersonated by fraudsters on social media. The company previously sued YouTube in 2020 over its failure to combat crypto scams but settled the suit the following year. Recently, scammers have attempted to exploit Ripple's entry into the stablecoin sector by creating fake tokens and presenting them as official products.
