Scammers Use Deep Fake to Simulate Ripple CEO Announcing Fraud XRP Giveaway

Members of the XRP community have not ceased to be prime targets for cryptocurrency scams, with the faked identity of Ripple’s executive coming into play.

Unfortunately, the bad actors behind the scam activities have continued to employ more sophisticated means to make their deception more subtle to unsuspecting individuals.

One of the latest tricks they have employed is using advanced technology to simulate the CEO of Ripple himself announcing a fraudulent XRP giveaway. 

Deep Fake XRP Scam with Ripple CEO Identity

In particular, XRP scam giveaway promoters used deep fake technology to construct a video presentation where Ripple CEO Brad Garlinghouse urged people to transfer between 1,000 and 500,000 XRP to an address.

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According to the scam statement, the sender would receive double the sent value within a minute. Also, the impostor Ripple CEO added that the sham scheme was Ripple’s way of “giving back to the community” for their effort in supporting the digital asset through trying times.

It is crucial to emphasize that it is a hoax and that people who fall for the trick stand to lose all of the sent XRP tokens. 

Prominent XRP influencer Crypto Eri called attention to the fraud in a recent tweet. Eri affirmed the fraudulent nature of the clip, stating: “Don’t fall for this deep fake scam. They will steal your XRP.”

Don’t fall for this deep fake scam,
they will steal your #XRP.

Please share far and wide. pic.twitter.com/11oMTNKL12

— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) November 12, 2023

While the bad actors’ renewed efforts surprised some people, many other commenters noted that such video misrepresentations are typical on YouTube. They lamented that YouTube successfully goes after ad-blockers while failing to address the promotion of fraudulent activities through the platform.

The intensity with which scammers target XRP holders burgeoned after XRP won its security regulatory tussle with the U.S. SEC. It is worth mentioning that the Ripple team has repeatedly warned that the firm is not orchestrating any XRP giveaway. 

Recently, The Crypto Basic reported the case of an XRP investor who lost a substantial amount of his portfolio via a fake AI trading platform.