Scammers Utilize Deep Fake Technology to Simulate Ripple CEO in Fraudulent XRP Giveaway

Ripple (XRP)

In the ever-evolving landscape of cryptocurrency scams, scammers targeting the XRP community have taken deception to a new level. Employing sophisticated tactics to appear more legitimate, bad actors recently utilized deep fake technology to fabricate a video featuring a simulated announcement by Ripple CEO Brad Garlinghouse.

Simulated Ripple CEO Urges XRP Transfer for Sham Giveaway

The latest ploy involved the creation of a deep fake video where the impostor, posing as Brad Garlinghouse, encouraged individuals to transfer a specific amount of XRP, ranging from 1,000 to 500,000, to a designated address. The false claim stated that the sender would receive double the amount sent within a minute. The imposter even went so far as to suggest that the deceptive scheme was Ripple’s way of “giving back to the community” for their unwavering support during challenging times.

It is imperative to underscore that this announcement is entirely fraudulent, and individuals falling prey to the scam risk losing all the XRP tokens they send.

Related article: goLance Harnesses XRP for Swift Freelancer Payments through RippleNet

XRP Influencer Exposes the Scam

Prominent XRP influencer Crypto Eri took to Twitter to sound the alarm on this deep fake scam. In a recent tweet, she unequivocally labeled the video as a hoax and cautioned followers, stating, “Don’t fall for this deep fake scam. They will steal your XRP.” 

The resurgence of such scams surprised some; however, many commenters pointed out that misleading video content is unfortunately commonplace on YouTube. Despite YouTube’s efforts to combat ad-blockers, the platform struggles to address the promotion of fraudulent activities effectively, as expressed by frustrated users.

Related also: Ripple Initiates On-Chain Movement of 148 Million XRP Amidst 8% Price Dip

XRP Holders Targeted Amid Regulatory Victory

Following the cryptocurrency’s recent victory in a regulatory battle with the U.S. Securities and Exchange Commission (SEC), scams targeting XRP holders have surged. Nevertheless, it is essential to highlight that the Ripple team has consistently stressed that the company is not participating in any XRP giveaway initiatives.

In a recent report, an XRP investor fell victim to a significant loss in their portfolio through a fake AI trading platform, highlighting the ongoing challenges faced by the community in navigating the cryptocurrency landscape.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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