The XRP community faces a new threat as scammers target members with a fake scheme related to the upcoming launch of the Ripple USD (RLUSD) stablecoin.
Recent reports have mistakenly suggested that 1 billion RLUSD tokens have already been issued, using misleading information from XRP Ledger blockchain explorers.
The XRPL account linked to this scam has seen a flurry of transactions in the past 48 hours, mainly involving trust-line transactions with fake RLUSD tokens in the billions.
Despite claims from some community members that the scam is legitimate due to its presence on an XRPL address, respected figures within the XRP community have quickly labeled it a fraud. Vet, a prominent member of the community, has emphasized that RLUSD has not been officially issued yet and warned against trusting unofficial sources.
Similarly, Wietse Wind, founder of XRPL Labs, has confirmed that the supposed RLUSD tokens are fake and have been created by scammers to deceive unsuspecting individuals. He advised the community not to engage with these fake assets.
While some members of the community have pointed to the account’s activation by the Bitrue exchange as a sign of legitimacy, Wind clarified that this activation does not confer any credibility to the scam.
Questions have arisen about how scammers could create fake RLUSD tokens or use the “RLUSD” ticker. Wind explained that the XRPL is an open network where anyone can create assets, whether real or fake, and stressed that the name alone does not determine the asset’s legitimacy.
In the midst of this scam, one community member questioned the rush to acquire RLUSD, noting that stablecoins like these do not offer financial gains. He suggested that those who fall for the scam should learn from their losses.
The launch of the Ripple stablecoin is expected before the end of 2024, with official announcements from Ripple to follow. It is important for community members to exercise caution and conduct thorough research before making any investment decisions, as scams like these can result in financial losses.