Stuart Alderoty, chief legal officer at enterprise blockchain firm Ripple, recently came up with a crypto scam survival guide.
Ripple's top lawyer has outlined some common cryptocurrency scams that cryptocurrency market participants have to watch out for. These include pig butchering scams, pump-and-dump scams, fake giveaways, phishing, and impersonation.
In his op-ed, Alderoty also shared six pieces of advice on how cryptocurrency holders can remain safe. He has urged them to never share their private keys or recovery phrases. Those who want to protect their holdings short should refrain from clicking substantial links or random texts. Cryptocurrency holders should do their own research before investing, while verifying various details.
As reported by U.Today, Ripple issued a fresh warning about XRP scams, stressing that it does not organize giveaways. Fraudsters often impersonate Ripple CEO Brad Garlinghouse as well as some other Ripple executives in order to promote their fraudulent schemes. Most recently, scammers have also started relying on AI technology, such as voice cloning, in order to make fake giveaways more plausible.
At the same time, Alderoty has noted that crypto is not inherently riskier compared to other online spaces. Less than 1% of American crypto users have experienced scams or hacking incidents.
Vladislav Sopov
U.Today Editorial Team