Garlinghouse Sounds Alarm on XRP Scam Surge

Ripple CEO Brad Garlinghouse Warns of Rising XRP Scams

Ripple's CEO, Brad Garlinghouse, has issued a warning about a significant increase in XRP scams targeting investors. This alert follows a recent price rally in XRP, which has unfortunately attracted scammers looking to exploit the heightened interest.

Garlinghouse took to X to advise XRP holders to be cautious of scams spreading across the ecosystem. He highlighted that these scams often involve impersonating official Ripple accounts on YouTube.

Scam Tactics and Regulatory Success

According to Garlinghouse, the rise in scams is partly due to Ripple's regulatory achievements and the corresponding surge in XRP's price. The increased on-chain activity on the XRP Ledger has also drawn in more malicious actors.

These scammers typically lure victims with promises of XRP giveaways in exchange for an initial deposit. They are also using deepfake videos of Ripple executives to appear legitimate. Previously, Ripple CTO David Schwartz exposed a deepfake video featuring Brad Garlinghouse promoting a fake XRP airdrop.

"We’ve noticed an uptick of XRP scams on YouTube," read the warning. "Scammers are stealing accounts and then updating the page to impersonate Ripple’s official account."

Garlinghouse urged users to report any suspicious accounts offering fake XRP investment opportunities. Ripple has been battling scamming sprees, especially after its partial victory against the U.S. SEC in 2023.

Ripple's Other Challenges

Aside from scams, Ripple faces hurdles, including opposition from the American Bankers Association regarding its banking license applications. Pro-XRP lawyer John Deaton has criticized the ABA's efforts to block Ripple's banking endeavors.

Protecting Yourself from Crypto Scams

• Always verify: Double-check the authenticity of accounts and promotions.
• Be skeptical: Promises of free XRP or guaranteed returns are red flags.
• Report scams: Help protect the community by reporting suspicious activity.

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