NewsletterRipple CEO Brad Garlinghouse Raises Alarm Over Rising XRP Scams
Highlights
- Brad Garlinghouse has issued a warning to XRP investors over a surge in scams.
- The scammers are leaning on hacked YouTube accounts to promote their fraudulent investment schemes.
- Previously, David Schwartz flagged a deepfake video of Garlinghouse offering an XRP airdrop.
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.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Expert Projects $30M Volume for Franklin Templeton XRP ETF as Trading Begins Today
- Bitcoin Bounces as Jerome Powell Could Push for Another Fed Rate Cut: Barclays Research
- Dogecoin Set for Big Week as Grayscale DOGE ETF Launches Today
- Why Is The Crypto Market Up Today? Bitcoin, XRP Lead Recovery
- ‘Cardano Didn’t Go Down,’ Charles Hoskinson Pushes Back On Network FUD
- Here’s Why XRP Price Will Hit $3 This Week
- Zcash Price Soars 10% as OKX Eyes ZEC Relisting
- WLFI Price Soars 17%: What’s Fueling the Surge?
- Dogecoin Price Eyes $0.2 Rally Ahead of Grayscale’s NYSE ETF Debut on November 24
- Crypto Market Eyes Major Rebound as Fed Rate Cut Chances Rise to 71%
- Dogecoin Price Finds Support: Can the 21Shares & Grayscale DOGE ETFs Spark a Surge?
