Ripple has issued a warning to XRP investors following a rise in online phishing. The warning comes at a good time as markets are experiencing more activity, with a recent large deal that involved $178 million of XRP. With the renewed activity in the cryptocurrency market, criminals are targeting unsuspecting users more and more.
Rise in XRP Transfers
In a report, another enigmatic wallet has just transferred 75,220,590 XRP worth $178,626,405 to another unknown mystery wallet. The transfer surprised the crypto community, and people were curious about what the transfer was meant for. The recipient wallet belonged to the big crypto exchange Crypto.com.
New Scams Targeting XRP Holders
Ripple’s warning is an indication that the company’s officers, including CEO Brad Garlinghouse, will never ask users to send XRP. The warning came via Ripple’s official social media channel, cautioning users against being complacent. Scam demand pattern surges tend to trail market surges, and the scammers use the increased investor demand to piggyback.
Important Points from Ripple’s Warning
- No Direct XRP Requests: Ripple explicitly made it clear that it never sends a request to send XRP or for user information.
- No Unusual Links: Do not click unusual links.
- Verify Accounts: Always check accounts impersonating Ripple.
Background of the Warning
It comes as no surprise that scams rise in bull markets. Experience has been that there has been more trading that has driven scams with high returns or give-aways. With XRP becoming the spotlight due to Ripple’s legal and technological advancements, the scammers are attempting to mimic the company and executives.
Ripple has also tried to prevent fraud. They also have a special webpage to report scams and have educational information for the community on best practices. The company works in partnership with cybersecurity experts to give extensive security within the crypto community.
Ripple’s reminder is a wake-up call for XRP investors. With ever more complex scams being conducted, vigilance from users is the name of the game. Ripple’s reminder underscores the fact that users must always double-check facts from legitimate sources and report suspicion. Individual vigilance is the best protection against fraud in the crypto universe.
