Ripple, a crypto payments company based in San Francisco, has issued a warning to its XRP community about a scam that is causing havoc within its ecosystem.
In a recent tweet, Ripple advised XRP holders to remain vigilant and avoid participating in any XRP-doubling schemes.
These scammers use artificial intelligence (AI) tools to clone top executives from Ripple, such as CEO Brad Garlinghouse, in order to promote these fraudulent giveaways.
The scammers often direct users to click on a phishing link to take part in the fake giveaway program, which promises to distribute thousands of XRP as rewards. Participants are then instructed to send their XRP funds to a specific address in order to receive double the amount.
Unfortunately, some unsuspecting XRP holders have already fallen victim to these fake giveaway programs, although it is unclear how much XRP has been stolen thus far.
To combat the ongoing XRP-doubling scams within the XRP 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.
In a tweet, Ripple attached a demo video illustrating how scammers utilize AI tools to deceive unsuspecting investors into participating in these malicious giveaways.
The video shows an imitation of Garlinghouse encouraging users to take part in an XRP giveaway initiative, enticing them with the promise of doubling their coins. However, the authentic Ripple CEO also appears in the video to debunk these claims and clarify that there is no ongoing giveaway.
In addition, Garlinghouse has warned these scammers, whom he refers to as pathetic lowlifes, that their actions are being monitored and that the company is taking measures to combat these fraudulent activities.
It’s important to note that scammers have been targeting XRP holders ever since Ripple achieved a partial victory against the U.S. SEC in July 2023.
During that time, these illicit actors announced a malicious XRP giveaway, claiming it was a celebration of Ripple’s victory over the SEC. Towards the end of last year, they became more aggressive by using AI tools to create deepfake videos promoting these scams.
The deepfake videos feature Garlinghouse urging members of the XRP community to participate in the illicit giveaway. However, Ripple has consistently debunked these claims to protect unsuspecting investors from falling victim to these scams.
Disclaimer: This article is provided 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 strongly advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
