Key Takeaways
XRP’s recent surge in popularity has triggered a wave of sophisticated scams, including deepfake videos and impersonation schemes, prompting fresh warnings from Ripple.
As Bitcoin [BTC] basks in the spotlight with record adoption and surging prices, Ripple [XRP] is finding itself at the center of a far more troubling narrative.
Last week, XRP not only hit a new all-time high but also saw a significant uptick in on-chain activity, signaling growing investor interest and momentum.
However, this wave of enthusiasm has come with a steep downside, and that is a surge in scams targeting the XRP community.
XRP scam rise
Cybercriminals have begun hijacking YouTube channels and rebranding them to mimic Ripple’s official presence, tricking viewers into fraudulent XRP giveaway schemes.
These scams typically lure victims by promising large XRP rewards in exchange for an upfront deposit.
Alarmingly, bad actors are now using AI-generated deepfake videos of Ripple executives, including one of Brad Garlinghouse, falsely promoting an airdrop to lend authenticity to their traps.
This shows that with XRP’s popularity climbing, so too is its vulnerability to increasingly deceptive forms of exploitation.
Ripple and its CEO issue a warning
Remarking on which, the Ripple account took to X and noted,
“Reminder: Ripple or our execs will NEVER ask you to send us XRP.”
In response, Ripple CEO Brad Garlinghouse also issued a public advisory warning investors about the growing wave of XRP-related scams.
He said,
“Like clockwork, with success and market rallies, scammers ramp up their attacks on the crypto community — PLEASE BEWARE of the latest scam targeting the XRP family on @YouTube and impersonating @Ripple’s official account!”
He added,
“We will keep reporting these – please do the same. As always, if it sounds too good to be true, it probably is.”
As anticipated, the surge in scams also weighed on XRP’s price, which dropped by 10.24% over the past 24 hours, currently trading at $3.10, according to CoinMarketCap.
Standing in support, one of the members from the crypto community noted,
“‘Didn’t Ripple sue YouTube about this a few years ago? Honestly can’t believe YouTube still hasn’t been able to fix this issue.”
Previous scams
Well, over the years, XRP has been at the center of multiple controversies and scams.
Scammers have frequently targeted XRP holders through fake giveaway schemes and impersonation scams, prompting Ripple to sue YouTube for negligence.
Additionally, XRP has seen pump-and-dump schemes orchestrated by online groups, and the token’s real-world utility has often been questioned, with many RippleNet partners not actually using XRP.
Ripple has also settled a $700,000 fine in 2015 with FinCEN for AML violations, further adding to its regulatory challenges.
What’s ahead?
Yet despite these hurdles, optimism around Ripple’s future remains strong.
The passage of the GENIUS Act has further sparked fresh speculation.
Notably, Black Swan Capitalist co-founder Versan Aljarrah suggesting that Ripple’s upcoming stablecoin, RLUSD, could play a pivotal role in advancing the U.S. digital dollar agenda.
With bullish forecasts placing XRP anywhere between $5 and $30, the long-term vision for the asset appears intact.
Therefore, as Ripple navigates these challenges, all eyes are on what strategic moves come next.
