XRP Holders Beware: RippleX Flags New Scam Targeting Ripple Community

• RippleX shed light on a prevalent scam targeting XRP members using AI deepfake videos of executives.
• AI crypto scam is on the rise, and blockchain firms are urging users to exercise caution while they introduce tools to curb the attacks.

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RippleX, the XRPL development arm of Ripple Labs, has warned about a surge in sophisticated scams that exploit the brand and XRP community members. According to RippleX, scammers are using Artificial Intelligence (AI) to create fake livestreams and deepfake videos to impersonate Ripple executives. 

Scammers Shift Attention to the Ripple Community

RippleX stated via its official X account that scammers pretending to be executives from Ripple  Labs. These bad actors create fake livestreams, X Spaces, or AI-generated deepfake videos to make it look like real Ripple leaders are speaking.

Thus far, they have used deepfake AI to make Ripple CEO Brad Garlinghouse, CTO David Schwartz, or other execs appear to speak live.

These scams often promise XRP giveaways, requesting investors to send their crypto assets with the false promise of receiving double the amount sent. 

AI Scam Warning | Source: RippleX

Scammers also phish for wallet seeds, KYC documents, or login credentials under the guise of airdrop registration. In reality, Ripple never does public giveaways and airdrops like this. 

These fraudsters post fake AI-generated videos and airdrop links in the comments of posts on Ripple’s official account. They also post them on the comment sections of posts created by Ripple executives, giving them a misleading appearance of legitimacy.

RippleX emphasized in its post that employees of the blockchain firm will never ask token holders to send funds, share wallet info, or join investment streams.

They therefore urged XRP investors to always verify information with Ripple and RippleX before investing in any scheme.

The RippleX team concluded with a stern reminder, urging holders to safeguard their tokens. “Keep your XRP yours,” RippleX wrote.

A Surging AI Crypto Scams and Safety Measures in Place 

This message comes amid a surge in deepfake videos and AI scams targeting unsuspecting crypto community members.

In April, Cardano founder Charles Hoskinson warned about the broader pattern of impersonation scams targeting high-profile crypto figures. As noted in our post, Hoskinson emphasized that impersonation scams thrive on the victims’ eagerness to make quick gains.

As regards Ripple, scammers accelerated exploits targeting the XRP community in mid-2023 following the firm’s partial legal victory against the U.S. SEC.

Fraudsters impersonated Garlinghouse and other Ripple executives, claiming that the giveaways were to celebrate the court’s success. However, Ripple, along with other prominent community figures, dismissed these giveaways as malicious offers.

As highlighted in our previous article, CTO Schwartz flagged a deepfake video of Garlinghouse and cautioned the community against the latest scam.

Meanwhile, Ripple is not the only crypto firm that has warned and is fighting against the rising AI scams. In May, World Network announced plans to expand its Proof of Human technology to help fight back against fake content and growing digital fraud. 

Likewise, BNB Chain launched an AI Bot to assist developers and users across platforms. The protocol offers 24/7 support for coding, proposals, community engagement, and enhances security on Discord, blocking scams and any phishing attempts.

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