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Ripple Scam Alert: There Is No XRP Staking Program

Mon, 12/19/2022 - 15:58
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Gamza Khanzadaev
Wietse Wind warns about fake Ripple site promoting XRP staking
Ripple Scam Alert: There Is No XRP Staking Program
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Lead developer of the XRP Ledger ecosystem and author of Xumm Wallet Wietse Wind warned the public about a new scam targeting the XRP community. Thus, Ripple's fake crypto website offers unsophisticated enthusiasts to take part in an "autonomous XRP staking trial program," which is then likely to lead to theft of tokens by attackers.

That is not all. The developer also reminded his readers of another type of scam involving XRP staking, where a fake email is received supposedly from Binance, inviting them to join such a program under the pretext of high returns.

Previously, scams using the names Ripple and XRP were limited to bots on Twitter, where the fake accounts of key crypto company figures like David Schwartz or CEO Brad Garlinghouse offered to follow to some dubious sites. There were especially many during the hype surrounding Ripple and XRP, but with Elon Musk's rise to Twitter, it seems that their numbers have dropped significantly.

Scam Alert: Ripple CTO Warns Users About New Phishing Scam and Fake XRP Staking

Don't trust anyone

Overall, the number of fraudulent schemes around cryptocurrencies increased significantly toward the end of the year. The current trend, judging by the latest scam alerts from U.Today, is to use fakes of popular personalities, whether Metallica, Elon Musk or Cristiano Ronaldo.

No, Metallica Are Not Giving Away Bitcoin and Ethereum

As reported by blockchain analyst firm Chainalysis in October, the cumulative catch of crypto scammers in 2022 was $3 billion, arguably making the outgoing year the greatest for hacking in market history.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.