Ripple warns of rising XRP scams on YouTube

Ripple has raised the alarm over a fresh wave of XRP scams spreading rapidly on YouTube. In a recent post, the blockchain firm revealed that scammers have been hijacking existing YouTube accounts, altering them to appear as Ripple’s official handle. This is how scammers are pushing out fake giveaway schemes designed to dupe unsuspecting users. Such frauds tend to pick up when the market is running high with bullish sentiments. The digital assets market recorded massive rallies throughout July as Bitcoin (BTC) went on to print an all-time high above $123K. Meanwhile, the current pullback led the XRP price to drop by 12% over the last 24 hours. Ripple CEO issues scam alert Brad Garlinghouse, Ripple’s CEO, echoed the warning, saying, “Like clockwork, with success and market rallies, scammers ramp up their attacks, PLEASE BEWARE.” He urged users to stay alert and reiterated that neither he nor the company will ever ask for XRP to be sent for any reason. “We’ll keep reporting these. Please do the same,” he added. In the end, he suggested that “As always, if it sounds too good to be true, it probably is.” The surge in scams arrives just as the XRP price posted a surge of more than 42% in the last 30 days. XRP went to breach the $3.6 mark last week, hinting at printing a new ATH before the rally dissolved. XRP is trading at an average price of $3.09 at press time. Its 24-hour trading volume skyrocketed by 136% to stand at $16.66 billion. Source: Brad Garlinghouse’s X . Ripple is still dealing with the high-profile legal battle with the SEC. A proposed $50M settlement is on the table, with a filing deadline set for August 15. These developments have reignited public interest in XRP, giving scammers an opening to exploit FOMO and misinformation. The fear and greed index is still flashing “Greed” sentiment in the market. However, the cumulative crypto market cap dropped by 2% over the last day to stand at $3.86 trillion. Its 24-hour trading volume spiked by 16% to hit $223 billion. Ripple reports AI-powered giveaway frauds Ripple has flagged a surge in fraudulent posts across YouTube, X, Facebook, and Discord. In a report, it has specifically called out scams that span from fake Elon Musk and then Joe Biden giveaway videos to deepfakes of Garlinghouse himself promising free XRP. Some use AI-generated voiceovers and deepfake video overlays. Others replicate real interviews and tack on scam wallet addresses. In some cases, scammers use Discord groups or fake job offers to funnel users toward malicious links or phishing sites. Ripple’s CTO recently flagged a fake 100 million XRP airdrop scam that had gained traction online. He warned that scammers were leveraging post-court-win hype, deepfake videos, and misleading visual overlays to con users. Many of these scams rely on fake urgency, urging viewers to “claim” XRP by sending funds to wallets controlled by fraudsters. According to TRM Labs, more than $9 billion was lost to crypto fraud schemes in 2022 alone. Imposter scams accounted for $2.3 billion in reported losses the same year. Between 2021 and 2023, social media–driven scams racked up an estimated $2.7 billion in consumer losses. Your crypto news deserves attention – KEY Difference Wire puts you on 250+ top sites

Source: Cryptopolitan