Ripple, the blockchain company behind XRP, has warned the crypto community of increased scams following the asset’s significant price increase.
In a December 2 update on X (formerly Twitter), Ripple reminded users that it will never solicit XRP transfers. The company clarified that this policy extends to its executives, including CEO Brad Garlinghouse and CTO David Schwartz.
It wrote:
“An increase in the crypto market means an increase in the number of scams. Remember, Ripple will never ask you to send XRP, nor will Brad, David, Monica, Stu or anyone else from Ripple.”
Ripple also shared a video revealing how scammers are using deepfake technology to impersonate their top leaders. The video contrasts a legitimate message from Garlinghouse with a fraudulent deepfake asking for XRP.
This aligns with previous warnings from Garlinghouse about the growing prevalence of deepfake scams, especially those promoting fake XRP giveaways. These types of scams have increased in the past year, with some even doctoring old images to trick victims.
Ripple fight against crypto scams
Ripple reinforced its commitment to fighting scams through proactive measures. The company stated that it monitors and reports suspicious activities to authorities and works with blockchain partners to combat fraudulent schemes.
The company also advised users to remain vigilant by verifying claims through official channels, using updated browsers with built-in security features, and trusting their instincts when confronted with offers that seem too good to be true.
Ripple stated:
“If you suspect that you have experienced crypto crime, or have been a victim of cryptocurrency fraud or scams, you can report the incident of fraud and/or other suspicious activity involving cryptocurrency to local government and law enforcement authorities. ”
The rally of XRP
This cautionary message comes amid a notable rally in the price of last week and an increase of 10%. % gain in the last 24 hours.
Market observers have attributed this upward trend to optimism surrounding Ripple’s legal battle with the Securities and Exchange Commission (SEC) and expectations that spot XRP exchange-traded funds (ETFs) will make their debut in the US.
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