XRP Army Beware: Ripple Warns of ‘Big Surge’ in Scam Attempts
The team behind the company and the fourth-largest cryptocurrency has issued another warning on X about a growing number of scams targeting investors to steal their funds.
The latest surge in fraud attempts follows the conclusion of the annual Swell conference and the launch of the first spot XRP ETF in the United States, which may be the two main reasons why bad actors have resurfaced.
XRP Army, Beware
Recall that the company’s CEO, Brad Garlinghouse, warned in July this year that fraudsters had undertaken a new approach to scamming the XRP army by posting certain videos on YouTube and other social media platforms, asking people to send tokens to a dedicated address, which would be doubled. As it always happens with such ‘offers’ – if it sounds too good to be true, it probably is, as no one has ever received any tokens back.
This warning was issued at a time when XRP’s price surged to a new all-time high of $3.65, and the retail interest in the asset had skyrocketed. Now, the team reiterated the danger for unsuspecting investors and highlighted a growing number of “live” YouTube videos during and after the recently concluded Swell conference in the US. Ripple’s team also stressed that they will “NEVER” ask them to send them any XRP.
ETF Launch to ‘Blame,’ Too?
Aside from the Swell conference, another possible reason behind the growing number of scam attempts could be the launch of the first US-based spot XRP ETF. As reported earlier this week, Canary Capital’s XRPC went live for trading on the Nasdaq after it cleared all necessary steps and the SEC was essentially bypassed following updates from October that removed the “delayment amendment.”
The product enjoyed its launch date as its trading volume neared $60 million and surpassed Bitwise’s Solana ETF (BSOL) on that front. The total net inflows were close to $250 million on day 1. The reason the net inflows were significantly higher than the overall trading volume was due to in-kind creations, which do not appear in trading volumes.
Retail investors were anticipating a spot XRP ETF for years, especially since the launch of the BTC and ETH products in 2024. Consequently, it’s somewhat expected that bad actors will ramp up their efforts to steal people’s XRP after such a massive milestone.
The post XRP Army Beware: Ripple Warns of ‘Big Surge’ in Scam Attempts appeared first on CryptoPotato.
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