Ripple CEO Brad Garlinghouse recently addressed a growing concern within the crypto community on Ripple's official YouTube channel: the prevalence of increasingly sophisticated scams targeting XRP users. In a video posted two weeks ago, Garlinghouse emphasized that Ripple will never ask users to send XRP for any reason, and when faced with these deceptive tactics, emphasized the importance of vigilance.
He stressed that users need to be wary of the alarming prevalence of fraudulent schemes promising freebies and doubling programs. To illustrate the severity of the problem, Garlinghouse shared a demonstration video showing how scammers impersonate key people within Ripple, including himself.
The demo revealed how villains can gain the trust of unsuspecting victims by cloning not only their target's physical appearance but also their voice and gestures. Such scams often exploit the market price of the coin, which was reported to be $0.5137 at the time of publication, and promise he XRP giveaways worth a considerable amount ranging from 500 to 1000 XRP tokens.
Fake Ripple YouTube account commits fraud
In an alarming development, fake Ripple YouTube accounts have emerged as the central figure in the scam epidemic. The fake account, which boasts a staggering 768,000 subscribers compared to his official Ripple channel's 54,700 subscribers, is said to be involved in a widespread scam targeting unsuspecting viewers. I am.
The modus operandi involves live streaming fabricated events under the guise of Ripple, with one such event running for over 12 hours and attracting over 27,000 live viewers. What makes this scam particularly insidious is that it uses advanced AI technology to create loops of video and audio into his broadcasts, making them appear to be legitimate events. This deceptive tactic has resulted in many viewers becoming victims of this ruse, highlighting the need for greater awareness and vigilance within the crypto community.
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XRP Market Latest Amid Fraud Concerns
Despite troubling developments surrounding fraud perpetrated through fake Ripple YouTube accounts, the XRP market continues to fluctuate. As of the latest data, XRP's open interest has shown a notable decrease of 3.37%, resulting in a current valuation of $375.6 million.
The live price of XRP is reported at $0.5137, and the 24-hour trading volume reached $943,142,592. Despite falling 1.42% in the past 24 hours, XRP remains in a relatively stable trading range, fluctuating between $0.5267 and $0.5116. Despite these market movements, concerns about fraud are undoubtedly impacting investor sentiment, highlighting the need for increased oversight and caution as we navigate the crypto landscape. There is.
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