Ripple CEO Brad Garlinghouse recently took to Ripple’s official YouTube channel to address a growing concern within the cryptocurrency community: the proliferation of increasingly sophisticated scams targeting XRP users. During a video posted two weeks back, Garlinghouse emphasized the importance of vigilance in the face of these deceptive tactics, highlighting that Ripple would never request its users to send XRP for any reason.

He underscored the need for users to be wary of fraudulent schemes promising giveaways or doubling programs, which have become alarmingly prevalent. To illustrate the severity of the issue, Garlinghouse shared a demonstration video showcasing how scammers meticulously impersonate key figures within Ripple, including himself.

The demo revealed how these bad actors clone not only the appearance but also the voice and gestures of their targets to gain the trust of unsuspecting victims. Such scams often promise XRP giveaways valued at significant amounts, ranging from 500 to 1000 XRP tokens, exploiting the market price of the coin, which was reported at $0.5137 at the time of the announcement.

Fake Ripple YouTube Account Perpetrates Scam

In a disturbing turn of events, a counterfeit Ripple YouTube account has emerged as a central player in the propagation of fraudulent activities. This fake account, boasting an astonishing 768,000 subscribers surpassing the official Ripple channel’s 54,700 subscribers, has been implicated in a widespread scam targeting unsuspecting viewers.

The modus operandi involves livestreaming fabricated events under the guise of Ripple, with one such event running for over 12 hours and amassing over 27,000 live viewers. What makes this scam particularly insidious is the use of advanced AI technology to create a looped video and audio broadcast, creating the illusion of a legitimate event. This deceptive tactic has led many viewers to fall victim to the ruse, highlighting the need for increased awareness and vigilance within the cryptocurrency community.

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XRP Market Update Amid Scam Concerns

Despite the troubling developments surrounding the scam perpetrated through the fake Ripple YouTube account, the XRP market continues to experience fluctuations. As of the latest data, XRP’s open interest has seen a notable decline of 3.37%, resulting in a current valuation of $375.6 million.

The live price of XRP is reported at $0.5137, with a 24-hour trading volume reaching $943,142,592. Despite a decline of 1.42% in the past 24 hours, XRP maintains a relatively stable trading range, fluctuating between $0.5267 and $0.5116. Despite these market movements, concerns regarding the scam have undoubtedly impacted investor sentiment, underscoring the need for heightened scrutiny and caution in navigating the cryptocurrency landscape.

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The post Ripple CEO Brad Garlinghouse’s Trending XRP $4 Live Stream Scam, It’s Fake! appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am