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Ripple, the blockchain firm behind XRP, has cautioned the crypto community about increased scams following the asset’s significant price rally.
In a Dec. 2 update on X (formerly Twitter), Ripple reminded users that it will never request XRP transfers. The company clarified that this policy extends to its executives, including CEO Brad Garlinghouse and CTO David Schwartz.
It wrote:
“Uptick in the crypto market means uptick in scams—reminder that Ripple will never ask you to send XRP, and neither will Brad, David, Monica, Stu, or anyone else from Ripple.”
Ripple also shared a video exposing how scammers employ deepfake technology to impersonate its top leaders. The video contrasts a legitimate message from Garlinghouse with a fraudulent deepfake soliciting XRP.
This aligns with past warnings from Garlinghouse about the growing prevalence of deepfake scams, particularly those promoting fake XRP giveaways. Over the past year, these scams have increased, with some even editing old footage to mislead victims.
Ripple fight against crypto scams
Ripple reinforced its commitment to combating scams through proactive measures. The company stated that it monitors and reports suspicious activities to authorities and collaborates with blockchain partners to counter fraudulent schemes.
The firm also advised users to stay vigilant by verifying claims through official channels, using updated browsers with built-in security features, and trusting their instincts when confronted with offers that seem too good to be true.
Ripple stated:
“If you suspect you’ve encountered crypto crime, or fallen victim to a cryptocurrency fraud or scam, you can report the incident of fraud and/or other suspicious activity involving cryptocurrency to local government and law enforcement agencies.”
XRP’s rally
This cautionary message comes amid a remarkable rally in XRP’s price, pushing it to $2.68, its highest price level since January 2018. Over the past month, the asset has surged by 436%, including an 87% increase in the last week and a 10% gain in the past 24 hours.
Market observers have attributed this upward trend to optimism surrounding Ripple’s legal battle with the Securities and Exchange Commission (SEC) and the anticipation of spot XRP exchange-traded funds (ETFs) debuting in the US.
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