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

Sat, 12/10/2022 - 17:06
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Tomiwabold Olajide
David Schwartz draws attention to phony Ripple website
Scam Alert: Ripple CTO Warns Users About New Phishing Scam and Fake XRP Staking
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Ripple CTO, David Schwartz, has alerted XRP holders regarding a phishing scam that uses a fake Ripple website and promises XRP staking with high returns.

According to a screenshot shared by the Ripple CTO, scammers are using a cloned Binance website to send emails to unsuspecting individuals. The email reads that "Ripple has announced a new feature, which is the XRP staking platform with high returns on investment of 16% to 31% and a secured fund of over 5 billion XRP."

Schwartz draws attention to the phony Ripple website link in the scam email. This calls for due diligence when clicking on links inside emails and not giving heed to suspicious emails. It bears mentioning that Ripple has never launched any staking program, which implies that these fraudulent individuals play on the ignorance of unsuspecting individuals.

As reported by U.Today, Binance launched XRP DeFi staking, which allows users to "stake" XRP and earn up to 1.40% APR.

This brings another point home: the unrealistically high ROI of 16% to 31% used to lure unsuspecting users.

Parties seek new deadline in Ripple lawsuit

As all the briefings for summary judgment motions are now complete, what remains pending are the sealing issues.

According to an earlier timeline in the lawsuit, the date to file omnibus motions to seal all proposed redactions to all summary judgment materials was intended to be December 22.

Ripple Lawsuit: New Dates Set in Motion, Here Are Key Changes

Now, the parties are requesting the court set a deadline of January 4, 2023, by which non-parties (that is neither the SEC nor Ripple) must ask to seal any portions of the summary judgment materials.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.