Ripple’s top executive, Brad Garlinghouse, has sounded an urgent alarm for all XRP investors amid a significant increase in scam attacks. These attacks, primarily conducted through social media platforms like YouTube, are strategically designed to swindle investors out of their XRP holdings.
On July 23, Garlinghouse took to social media to caution investors about the uptick in XRP scams. He expressed concern that scammers are exploiting market enthusiasm and community excitement to orchestrate fake schemes primarily aimed at unsuspecting XRP holders.
Garlinghouse highlighted the recent fraudulent activities on YouTube, where scammers have hijacked existing channels, rebranded them to resemble Ripple’s official accounts, and started broadcasting deceptive content that impersonates Ripple and its executives.
In an official statement, Ripple’s team clarified that these YouTube accounts are not associated with Ripple, despite their convincing appearance. Scammers have cleverly manipulated usernames to imitate Ripple’s official accounts, creating confusion among users.
These deceptive videos often offer giveaways, rewards, or investment multipliers, typically asking investors to send XRP in return for a larger payout. Garlinghouse has reiterated that neither he nor Ripple will ever ask for XRP from anyone.
As a response to the growth of these crypto scams, Ripple is proactively reporting these fake accounts and urges its community members to do the same. Ripple’s official channels remain the only trusted sources of information, and users are advised to validate account handles and links before interacting.
Garlinghouse ended his post by reminding everyone to stay alert and to remember that “if it sounds too good to be true, it probably is.”
The Ripple CEO’s warning serves as a broader caution against escalating crypto fraud during times of market recovery or increased optimism. This surge in XRP scams coincides with the recent rise in XRP’s price above $3.6 and follows positive news such as Ripple’s regulatory clarity and its legal win against the US SEC.
As XRP’s price gets closer to its all-time highs and gains momentum, scammers are leveraging this wave of optimism to ensnare more investors in their fraudulent schemes.
