Ripple, a cryptocurrency payments company based in San Francisco, has issued a warning to members of the XRP community about a scam that is causing harm to its ecosystem.
In a recent tweet, Ripple advised XRP holders to stay vigilant and avoid participating in any programs claiming to double their XRP.
Scammers are targeting the XRP community by using artificial intelligence (AI) tools to clone top executives from Ripple, such as CEO Brad Garlinghouse, in order to promote fake giveaways.
These fraudulent actors often ask users to click on phishing links to take part in the counterfeit giveaway program, promising to distribute thousands of XRP as rewards. Participants are encouraged to send their XRP funds to a specific address in order to receive double the amount sent.
Unfortunately, some unsuspecting XRP holders have already fallen victim to these fake giveaway programs. However, it is unclear how much XRP has been stolen thus far.
To combat the ongoing XRP-doubling scams within the community, Ripple has made it clear that it will never make such requests from crypto investors.
Ripple emphasized that neither the company nor any of its executives, including Garlinghouse, Stuart Alderoty (CLO), Monica Long (President), and David Schwartz (CTO), will ever ask users to send XRP to the company.
The leading cryptocurrency payments company attached a demonstration video to the tweet, illustrating how scammers use AI tools to entice unsuspecting investors to participate in these malicious giveaways.
In the video, a fake version of Garlinghouse encouraged users to take part in an XRP giveaway initiative, tempting them to double their coins by sending them in. However, the real Ripple CEO also appeared in the video to refute the claims of any ongoing giveaway.
In addition, Garlinghouse warned the scammers, whom he referred to as pathetic lowlifes, that their actions are being monitored and that the company is taking measures to combat these fraudulent activities.
It is worth noting that scammers have been targeting XRP holders since Ripple achieved a partial victory against the U.S. SEC in July 2023.
At that time, these fraudulent actors announced a malicious XRP giveaway, claiming it was to celebrate Ripple’s victory over the SEC. Towards the end of last year, they adopted a more aggressive approach by creating deepfake videos using AI tools to promote these scams.
The deepfake videos feature Garlinghouse urging members of the XRP community to participate in the illicit giveaway. As always, Ripple has been steadfast in debunking these claims to protect unsuspecting investors from falling victim to these scams.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
