Ripple Warns of XRP Crypto Scams

November 1, 2022 11:42 pm Comments

In an updated blog post, Ripple is warning cryptocurrency enthusiasts that any XRP giveaway that is being advertised on the internet is not being endorsed by them.

The blog post would go on to say neither Ripple nor any executives of Ripple will ever participate in an XRP giveaway.

The article would then proceed to outline different kinds of crypto scams that most users of the internet fall victim to.

Here’s a piece of the blog post by Ripple:

Neither Ripple nor any executive of our company will be offering free giveaways of digital assets. Any XRP giveaway is not endorsed by, affiliated with, maintained, authorized or sponsored by Ripple.

How to Spot Giveaway Scams

In many cases, the first warning that a giveaway ad is a scam is that in order to receive the reward, you must first send money and/or provide your personal financial account information. For any real sweepstakes, winnings are always free and never ask for money or financial account information upfront.

Impersonations are more challenging to spot—often because scammers create a sense of legitimacy by using logos, company executive social handles, profile images, graphics or legitimate video excerpts with branding that match real corporate imagery. Personal due diligence is key here.

If a giveaway looks real, visit the company’s website and verified social channels to confirm if the ad exists there as well. You can even contact the company directly and inquire about the contest to verify authenticity.

Additionally, scammers will leverage legitimate accounts to falsify a sense of proof by commenting on top of social posts with fake accounts. Some quick visual signs that a commenting account is a scam is the lack of a profile picture, odd account names, or terminology in the comment that “loves” or “thanks” the company for the giveaway winnings.

Elon Musk is also hoping to end the endless crypto scams that run rampant on Twitter:

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