Ripple Labs issued a fraud alert this week via social media platform X, warning of a sharp increase in XRP-related scams circulating on YouTube. The company said scammers are compromising legitimate YouTube accounts and rebranding them to impersonate Ripple's official profile. These fraudulent channels are then used to promote deceptive schemes and solicit XRP from unsuspecting viewers.
Scam Method: Account Hijacking and Rebranding
Ripple stated: “PSA: We've noticed an uptick of XRP scams on YouTube – scammers are stealing accounts and then updating the page to impersonate Ripple's official account.” The fake channels run giveaway campaigns, asking users to send XRP to a specific address in exchange for a larger return. Ripple reinforced its policy: “Reminder: Ripple or our execs will NEVER ask you to send us XRP.”
The alert comes at a time when XRP has seen a significant surge in July, with its price approaching near-record levels. Market observers credit the rally to renewed regulatory clarity following the resolution of Ripple's lawsuit with the U.S. Securities and Exchange Commission (SEC), as well as heightened anticipation over possible approval of XRP spot exchange-traded funds (ETFs). Additional support has come from accelerating institutional adoption of XRP for cross-border payment solutions and an overall bullish environment across the broader cryptocurrency sector.
CEO as Target: Deepfakes and Fake Giveaways
Brad Garlinghouse, CEO of Ripple, has been a recurring target in these fraudulent operations. He has been impersonated in deepfake videos and fake giveaway campaigns that have cost victims billions of dollars. Garlinghouse continues to publicly denounce these scams and actively urges users to stay alert. Ripple sued YouTube in 2020, accusing the platform of failing to adequately address pervasive XRP giveaway scams that impersonated Garlinghouse and other prominent figures. However, the lawsuit ultimately concluded in a settlement between Ripple and YouTube.
How to Stay Safe
Ripple urges XRP holders to remain vigilant and verify the source of information. Any activity that asks users to send cryptocurrency first in exchange for a larger return is almost certainly a scam. Users should only follow Ripple's officially verified social media accounts and avoid clicking suspicious links. Ripple says it will continue monitoring and reporting scams, calling on platforms to strengthen content moderation.
As XRP investors enjoy the market rally, they must also tighten security. Be cautious of any “free giveaway” temptations and protect your assets.