Ripple and its CEO, Brad Garlinghouse, have issued a public advisory to inform investors of a surge in XRP scams. The surge in XRP investment scams comes on the heels of rising prices with the asset rallying to set a new all-time high.
Brad Garlinghouse Warns Of Fake XRP Investment Scams
According to an X post, Brad Garlinghouse has urged XRP investors to be vigilant as scamming spree sweeps across the ecosystem. The CEO noted that the latest scam involves the impersonation of the official Ripple accounts on video streaming platform YouTube.
In his post, Garlinghouse noted that the scams are a spillover effect of Ripple’s regulatory success and XRP’s price surge. Last week, XRP reached a new ATH amid predictions of an extended rally to double-digits. Apart from soaring prices, on-chain activity has ballooned on the XRP Ledger, attracting hordes of scammers to the ecosystem.
Brad Garlinghouse’s comments follow a previous public service announcement by Ripple on X, warning that the firm’s executives will not request investors to send XRP. Per the advisory, the scammers typically rope in victims by offering XRP giveaways in exchange for an initial deposit by investors.
Furthermore, the scammers are leveraging deepfake videos of Ripple executives to cloak their illicit activities. Previously, Ripple CTO David Schwartz exposed a deepfake video of Brad Garlinghouse claiming to offer an XRP airdrop to investors
“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.”
Brad Garlinghouse urged users to keep reporting accounts offering fake XRP investment offers. Meanwhile, Ripple is no stranger to scamming sprees, with the ecosystem inundated with a barrage of fake investment schemes after its 2023 partial victory against the US SEC.
Outside of scammers, Ripple is facing considerable headwinds with the American Bankers Association posing the latest stumbling block. Pro-XRP lawyer John Deaton condemned ABA’s decision to urge regulators to deny Ripple’s push for banking licenses.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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