Bitcoin

Ripple Labs and its executives are still fighting the <a href="https://news.todayq.com/sec-vs-ripple-a-crucial-battle-crypto-industry/">regulatory challenges</a> pushed by the US Securities and Exchange Commission (SEC). However, the blockchain firm has now decided to battle it out against the XRP linked scams and spam running on social media. Ripple CEO flags warning 
After releasing the video to address this issue, Ripple flagged a warning to XRP holders regarding ongoing scams that promise to double XRP holdings through fake giveaway programs. It mentioned that Ripple will never ask you to send us XRP. Ever. Neither will Brad, David, Monica, Stu, or anyone from their organization. 
This is done so as these scams often involve the impersonation of top Ripple executives, such as Ripple CEO Brad Garlinghouse. Scammers use artificial intelligence (AI) tools to create convincing deepfake videos for thug XRP holders. 
Brad Garlinghouse, CEO of Ripple, in a post stated that “to the pathetic lowlifes who try to use my or Ripple’s likeness to scam innocent folks out of their crypto.” He added “ we see you, and we’re fighting back.” He labeled the scammers as “pathetic lowlifes” and warned them that their actions were being monitored. 
The XRP or crypto linked scams running on the internet typically ask users to undergo the fake giveaway just by clicking on phishing links. They are then asked to send their XRP funds to a specified address. Unfortunately, some unsuspecting XRP holders have already fallen victim to these scams. The exact amount of XRP stolen still remains unclear. Scams to grow more? 
It is important to note that Ripple has been always there to debunk scams like these. This is only been done to safeguard unsuspecting investors, especially since securing a partial victory against the US SEC in July 2023. 
On the market side, XRP is dealing with high selling pressure caused by the recent fluctuation in Bitcoin (BTC) price. XRP price is marginally down on the year to date (YTD) basis. It is trading at an average price of $0.6109, at the press time. Ripple’s native crypto is holding a market cap of $33.63 billion. 
Recent reports suggest that Garlinghouse is still optimistic about the crypto market’s growth. He predicted its combined market capitalization to exceed $5 trillion this year. However, he cited macro factors such as the introduction of US spot bitcoin exchange-traded funds (ETF) and the upcoming bitcoin “halving” as drivers of institutional investment. He also talked about the increased demand for cryptos like XRP.

Ripple CEO calls out scammers, vows to fight XRP linked fraud

Todayq News

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