A new deepfake scam has emerged targeting XRP holders, as the XRP Ledger Foundation’s forensics team warned. The scam uses a deceptively realistic video impersonating Ripple CEO Brad Garlinghouse to promote a fake XRP giveaway.
The deepfake video accurately mimics Garlinghouse’s voice and appearance, offering unsuspecting viewers the chance to double their XRP if they send at least 1,000 XRP to the scam address. This fraudulent “community support initiative” is intended to dupe victims into handing over their funds.
XRP Ledger Forensics Issues Urgent Scam Warning
In response, XRP forensics have urgently warned the community about this deepfake scam to avoid any “free money” offers. John Deaton, a lawyer representing XRP holders, has also called attention to the fake video—cautioning that anyone asking for crypto or wallet access is likely a scammer.
This warning comes as cyber criminals use increasingly advanced techniques to exploit crypto investors. XRP forensics recently urged users not to share their keys after the Xahau network launch, as no legitimate airdrops or giveaways were occurring.
Bad actors have continually targeted the XRP community despite Ripple’s successes. The recent 2023 Swell conference in Dubai highlighted Ripple’s growth, which CEO Brad Garlinghouse credited to Dubai’s pro-innovation regulatory environment.
XRP Community Urged to Report Scams
By capitalizing on current events and news relevant to the XRP community, scammers aim to add legitimacy to their cons and maximize their odds of tricking unsuspecting targets.
The XRP forensics team stresses that schemes promising “free money” or outsized returns should be considered fraudulent. XRP holders are advised to be on high alert for these scams and never to provide their keys or crypto to strangers.
As deepfake technology advances, investors across the crypto landscape need to be increasingly vigilant. Scammers will continue developing new and more believable tactics to carry out cons. Staying informed and being skeptical of anything seeming too good to be true is the best defense.
The XRP community is encouraged to report any suspected scams to aid law enforcement in identifying and prosecuting cybercriminals seeking to profit off deception and theft. With vigilance and awareness, the impact of these scams can be minimized.
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