Ripple CTO Warns Against XRP Scams Amid SEC-Inspired Hype

A court ruling in favor of Ripple Labs – which states that XRP (XRP) is not a security – has rekindled long-lost hype around the ecosystem. Anticipating a flood of scams with the coin’s boom, David Schwartz, Ripple’s chief technology officer, issued a warning to investors.

The two-year-long legal battle between the United States Securities and Exchange Commission and Ripple came to a partial end on July 13, with its XRP token stripped of the “security” label in a ruling by the United States District Court for the Southern District of New York. Gave. York.

XRP is not a security.

win it for @ripple This is a win for the entire industry and a step towards regulatory clarity in the US

many thanks to @bgarlinghouse, @chrislarsensfAnd @s_alderoty for his leadership and #XRPcommunity for their continued support.

— Ripple (@Ripple) 13 July 2023

This was followed by a natural but substantial increase in the market cap of XRP. As shown below, the price of XRP increased by more than 70% – taking its value from $0.47 to $0.82 in one day. This event also marks the biggest jump in the price of XRP in the past year.

The hype around the crypto ecosystem, such as cryptocurrencies or nonfungible tokens (NFTs), comes when crypto scammers become overly active in trying to defraud unsuspecting investors. Schwartz took to Twitter to warn against the growing number of XRP scams. He Said,

“Many scammers are trying to take advantage of the recent good news to commit fraud and theft. There are no airdrops, gifts or special offers associated with this decision.

Given its widespread popularity and growing community, scammers often mimic Ripple’s official website to promote fake giveaways and airdrops. In such cases, the scammer intends to gain access to the potential victim’s crypto wallet, which will be used at a later date to liquidate existing tokens or withdraw the stolen funds.

Connected: Ripple, Binance impersonators target XRP holders with fake staking program

In April 2023, YouTube helped recover a creator’s channel with 2.4 million subscribers that was hacked for promoting an XRP scam.

So sorry you have to deal with this! First, we’ll need to get some quick information from you and then we’ll connect you with an expert team that will help restore account access. Follow us and we’ll be able to DM you the info you need!

– TeamYouTube (@TeamYouTube) 28 April 2023

YouTuber DinYouKnowGaming regained access to his account and recovered the deleted video after quick intervention from YouTube. The exploit used by hackers to gain access to YouTube accounts remains a mystery.

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