Key Takeaways
- Ripple has warned about a rise in crypto scams as the market rallies.
- The company highlighted tactics used by scammers, including the use of doctored and AI-generated videos and fake giveaways on social media.
- In 2020, Ripple sued YouTube for allegedly failing to prevent scammers from impersonating the company and its CEO.
In a recent post on X, Ripple reminded followers that a rally in the crypto market often leads to an uptick in scams.
The post pointed to research highlighting some of the tactics used by scammers, including the use of doctored and AI-generated videos and fake giveaways on social media.
Scammers Impersonate Ripple’s Brad Garlinghouse
One of the most concerning trends flagged by Ripple is the increasing use of deepfake technology to impersonate public figures.
You’ll Want To See This
The company cited examples of scammers generating videos that feature a manipulated likeness of Ripple CEO Brad Garlinghouse.
These videos, often posted on platforms like YouTube and circulated on social media, falsely claim that Ripple is conducting special XRP giveaways or airdrops. In reality, they aim aim to trick users into sending their cryptocurrency to a fraudulent wallet.
Ripple has previously taken legal action against YouTube for allegedly failing to police impersonation and misinformation. Then as now, scammers sought to impersonate or falsely attribute statements to Garlinghouse and other Ripple executives.
Cryptocurrency Giveaway Scams
Crypto giveaway scams are nothing new, but the recent market momentum has breathed new life into these fraudulent schemes.
The typical scam often involves a fake announcement promising free XRP or other tokens to users who send a small amount first. These posts may be amplified using bots, fake accounts, and even hacked verified profiles, lending them a false sense of legitimacy.
Ripple emphasized that the sophistication of these scams has grown, particularly with the use of AI-generated content that mimics the language, branding, and tone of official Ripple communications.
This makes it increasingly difficult for the average user to distinguish between real promotions and fraudulent ones.
Ripple Advises Vigilance
In its X post, Ripple urged the community to stay alert and exercise caution when engaging with crypto-related content online.
The company reiterated that it does not conduct giveaways or airdrops and warned users to report suspicious activity when they see it.
Ripple also encouraged users to refer to official channels for announcements and updates, and to be skeptical of offers that sound too good to be true.
Was this Article helpful?
