Scam Alert on YouTube: Ripple Warns of Increase in Deceptive Cryptocurrency Schemes Involving XRP
As the price of XRP surpasses its 2018 high and its market cap soars above $200 billion, it's essential for users to remain vigilant against the rise of scams on social media platforms. Here are key guidelines to help protect yourself from these deceitful schemes.
Trust Official Ripple Sources
Always rely on verified Ripple accounts on X (formerly Twitter) and other official Ripple social media channels for updates and communications. Avoid unverified or cloned profiles promising quick gains or giveaways.
Be Wary of Unsolicited Promises
Never send XRP based on unsolicited promises like doubling offers or gifts, particularly those requiring upfront deposits or sending tokens first. Ripple and CEO Brad Garlinghouse have clearly stated they will never ask users to send XRP to receive rewards or participate in promotions.
Recognize Fake Videos and Deepfakes
Be vigilant for fake videos and deepfakes, including impersonations of Ripple executives. Use verification tools and fact-checking platforms to confirm authenticity before trusting any content.
Keep Your Wallet Secure
Do not share private keys or sensitive information with anyone online. Keep wallet seed phrases secure, avoid importing existing seeds into unverified apps, and prefer creating new wallets for safety. Use strong security practices such as multi-factor authentication, hardware wallets, or cold storage to safeguard XRP holdings.
Report Suspicious Activity
If you come across a suspicious post or ad, report it immediately to official Ripple channels and competent authorities. Additionally, warn others in community forums to help spread awareness.
Thorough Research and Cautious Engagement
Before engaging with new projects or investment offers, conduct thorough research and avoid “yolo” investing or rushing into unverified opportunities.
Scammers are known to buy paid ads on Facebook and Instagram to spread their posts faster. Users should enable two-factor authentication on YouTube, email, and any exchange accounts they use. If one scam channel is removed, several more may crop up within hours. Scammers are even exploiting this success by hijacking active YouTube channels, rebranding them with official logos, and posting fake "double your XRP" giveaways.
Ripple CEO Brad Garlinghouse has urged users to stay alert during periods of crypto market gains, as fake giveaways and phishing setups often appear when XRP makes headlines. The use of "deepfakes" and paid ads has contributed to the growth of these scams on social media platforms, draining nearly $3 billion from users between 2021 and 2023, with close to $2.5 billion coming from "deep fakes" or video impersonation schemes alone.
Users should compare the channel name and URL against those listed on Ripple's official site to avoid falling victim to these scams. By following these guidelines and staying informed, users can protect themselves and their XRP holdings from these deceptive schemes.
- Users should be cautious when investing in new projects or offers related to XRP, as scammers often exploit periods of market gains and popular headlines to run fake giveaways and phishing schemes.
- Given the growing concern about scams on social media platforms regarding XRP, it's crucial for technology-savvy investors to stay vigilant against crime-and-justice activities like deepfakes and paid ads, which have drained billions from users since 2021, particularly in "deep fakes" or video impersonation schemes.
