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.

The post Ripple’s CEO Brad Garlinghouse Issues Urgent Warning to XRP Investors About Rising Scams appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

“We’re bidding adieu to our counter-appeal, and anticipate the SEC to do the same, as they’ve previously indicated,” stated Garlinghouse in a public post on Friday. In the aftermath of this announcement, XRP, the digital currency linked with Ripple Labs, rose by 3.36% to $2.18 within just five hours, as per CoinMarketCap data.

Garlinghouse further clarified that the company was eager to “close this chapter once and for all” and concentrate on its primary mission – building the Internet of Value. “Lock in,” he added.

This development comes a day after a US district court rejected a joint appeal from Ripple and the SEC for a provisional ruling to cut down a $125 million civil penalty and overturn an order that classified primary sales of XRP to institutional investors as securities transactions under Article 5 of the Securities Act.

The court partially granted the SEC’s request for an injunction and a civil penalty, citing Ripple’s propensity to push the limits of the [Summary Judgment] Order as a potential sign of future transgressions,” stated Judge Analisa Torres.

In response to the ruling, Ripple’s chief legal officer Stuart Alderoty mentioned, “The ball is back in our court.” “We have two choices: either dismiss our appeal challenging the historic institutional sales finding or continue with the appeal,” he added.

Alderoty emphasized that regardless of the path chosen, XRP’s legal status as “not a security” remains intact. “In the meantime, it’s business as usual,” he added.

A reciprocal move by the SEC to drop its appeal could potentially mark the end of a legal saga between Ripple Labs and the US regulator that has spanned over four years. The SEC initiated the lawsuit against Ripple Labs, Chris Larsen, and CEO Brad Garlinghouse in December 2020, alleging that Ripple had unlawfully generated $1.3 billion through XRP sales as an unregistered security, thereby violating federal securities laws.

In August 2024, Garlinghouse claimed that the decision by Judge Torres to impose a $125 million fine on Ripple Labs was a “victory” for the company, highlighting that it was a 94% reduction from the SEC’s initial plan to fine Ripple for $2 billion in damages.

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