The XRP community is currently facing a new scam related to the upcoming launch of the Ripple USD (RLUSD) stablecoin, putting members at risk.
Reports have emerged suggesting that 1 billion RLUSD tokens have been issued, with evidence supposedly coming from XRP Ledger blockchain explorers. However, further investigation reveals that the associated XRPL account has been involved in multiple recent transactions, mainly trust-line transactions with phantom RLUSD tokens in the billions.
Despite these claims, reputable figures within the XRP community have denounced this as a scam. Vet, a prominent member and founder of the NFT marketplace xrp.cafe, has emphasized that RLUSD has not been officially issued yet. He urges community members to wait for official information from Ripple to avoid falling victim to scammers.
Similarly, Wietse Wind, founder of the Xumm developer team XRPL Labs, has confirmed that the supposed RLUSD token is fake and warns against engaging with it. He explains that scammers are attempting to sell worthless assets on decentralized exchanges or through automated market makers.
Some community members have pointed to the wallet’s activation by the Bitrue exchange as a sign of legitimacy. However, Wind clarifies that this activation does not confer any credibility to the claim, as it simply means a Bitrue user activated the account or that the scammer used the exchange for the initial deposit.
There is confusion among enthusiasts about how bad actors could fake the minting of RLUSD or adopt the “RLUSD” ticker. Wind explains that the XRP Ledger is an open network where anyone can issue assets, whether genuine or fake. He stresses that the name alone does not make the asset trustworthy.
In light of this scam, X user Vincent Van Code questions the rush to buy a stablecoin like RLUSD, noting that it would not bring any financial gain. He suggests that those who fall for the scam should learn from the experience.
The Ripple stablecoin is set to launch before the end of 2024, with official press releases announcing its launch. It is essential for community members to exercise caution and conduct thorough research before making any investment decisions, as scams are prevalent in the cryptocurrency space.