XRP Scams on the Rise: Ripple’s Warning and Tips for Safe Investing

The post XRP Scams on the Rise: Ripple’s Warning and Tips for Safe Investing appeared first on Coinpedia Fintech News

Ripple has sounded the alarm for its network, saying that as XRP soars exceedingly high, scams increase correspondingly. In the past month specifically, XRP has appreciated in value by more than 400% making it third largest cryptocurrency in terms of market capitalization. With such an unprecedented heightening, Ripple is, however, keen to warn that it has registered a steep rise in cases of fraudulent scams.

Ripple’s Stance Against Fraud

As a courtesy of social media platform X, Ripple assures its customers that neither they nor founder nor CEO Brad Garlinghouse will ever ask users to send XRP. The message from the firm said,

“Ripple will never ask you to send XRP, and neither will Brad, David, Monica, Stu, or anyone else from Ripple.”

Stay vigilant!”

Ripple has also described its strategy for addressing scams, which involves partnering with law enforcement agencies like the FBI, monitoring fraud-related activities with other experts, and guiding users to report any scam.

XRP’s Latest Success Lead To Scammers Targeting Investors

The recent upsurge of XRP due to hope in Ripple’s cases against the American SEC and rising institutional adoption also make the token a favourite of fraudsters. The partnerships in cross-border payment solutions and overtures to an XRP-supported exchange-traded fund or ETF have added to the lift of Ripple across the market. 

However, this surge has also attracted poor-minded people who are aiming to make profits using the increased investment juice such as deep fake, phishing emails and fake giveaway schemes.

Learning How to Recognize Scams and Keeping Away From Them

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How to Protect Yourself from XRP Scams: Tips and Red Flags

Ripple has offered some tips to enable users to avoid being conned. These include

• The information is always cross-checked from the official channels to avoid the dissemination of fake information.
• Not responding to messages that ask for money or request personal information or high pressure to take action.
• Secure digital wallet plugins such as Metamask and Coinbase can be valuable for use in the blockchain network as well.

Some of the most recurrent are fake profiles on social networks, rigged posts with an offer of free gifts to be claimed for a fee, and fake phishing messages imitating legitimate messages from Ripple, always better to avoid them

The message is clear: whatever the deal may be, if it appears to be too good, then there is always something wrong with it. Given the constantly emerging problems in the use of cryptocurrencies, Ripple offers a wide range of resources that are an essential means of defence for potential victims.