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<h2 id="bons-accuses-xrp-advocates-of-misleading-retail-investors">Bons Accuses XRP Advocates of Misleading Retail Investors</h2>
Justin Bons, founder of Cyber Capital, has reignited the long-running debate over <a href="https://x.com/search?q=%24XRP&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$XRP</a>'s decentralization, accusing network advocates of misleading retail investors about who actually controls the XRP Ledger.
At the centre of Bons' argument is the Ledger's Unique Node List (UNL) model. Unlike Bitcoin's Proof-of-Work system, the XRP Ledger depends on validators that individual network participants must trust, with both Ripple and the XRP Ledger Foundation publishing recommended validator lists that come pre-loaded in server configurations by default.
Bons argues this arrangement concentrates power at the top. "XRP is clearly based on a PoA (Proof of Authority) system where all power is derived from the 'kingmakers': The creators of the two permissioned lists (Ripple and The XRP Ledger Foundation)," he said.
A second flashpoint is a recent software update. XRP Ledger developers withheld security-sensitive source code from version 3.4.1, while the fixBatchV1_2 amendment could affect outdated network servers significantly. Bons contends that the XRP Ledger has been operating on closed-source code for around two weeks, with the change set to become mandatory as of October 9. Servers running outdated software faced being amendment-blocked and cut off from the network.
<h2 id="how-the-xrp-ledger-s-validator-model-actually-works">How the XRP Ledger's Validator Model Actually Works</h2>
The network's governance structure is more nuanced than either side often acknowledges. Ripple runs only one of the roughly 35 validators on the default trusted list, and its rights on the network are the same as any other operator. Anyone can technically run a validator, but running a validator does not necessarily mean having any say in consensus unless that validator is included in enough participants' trust lists.
The default list is a recommendation, not a rule. Any operator is free to edit it, drop validators, add others, or follow a completely different publisher's list. However, critics note that in practice, most operators use default UNLs curated by Ripple or the XRPL Foundation, creating soft centralization pressure, even though nearly 200 validators exist.
Developers have said they plan to publish the withheld code alongside technical details explaining the security fixes in version 3.4.1. The episode nonetheless hands critics fresh ammunition in a debate that has dogged the XRP ecosystem for years, and it is unlikely to be resolved soon.
Sources: <a href="https://u.today/is-xrp-decentralized-cyber-capital-founder-says-its-straight-up-fraud" rel="noopener noreferrer nofollow">U.Today: Is XRP Decentralized? Cyber Capital Founder Says It's 'Straight-Up Fraud'</a> <a href="https://36crypto.com/xrp-decentralization-under-fire-as-cyber-capital-founder-raises-fraud-allegations/" rel="noopener noreferrer nofollow">36Crypto: XRP Decentralization Under Fire as Cyber Capital Founder Raises Fraud Allegations</a> <a href="https://xrpl.org/blog/2026/xrpld-3.4.1" rel="noopener noreferrer nofollow">XRP Ledger: Introducing XRP Ledger Version 3.4.1</a>

XRP Faces Fresh Centralization Allegations

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