Main navigation

You Can Lose All Your XRP Tokens If You Fall for This Ripple Scam

News
Sun, 01/19/2020 - 19:05
article image
Alex Dovbnya
XRP holders should be wary of this sophisticated Ripple scam
You Can Lose All Your XRP Tokens If You Fall for This Ripple Scam
Cover image via www.123rf.com
Read U.TODAY on
Google News

Leonidas Hadjiloizou, one of the most prolific members of the XRP community, has posted a warning about an elaborate scam that can allow bad actors to potentially steal all of your tokens. 

Related
New Bitcoin Scam Becomes Popular on Social Media, Making MFSA Issue Warning for Investors

Fraudsters get their victims on the hook by sending a small amount of XRP to their wallets. However, no one should be fooled by such "generosity."

Each transaction comes with a memo (a destination tag) that contains a link to what seems to be the official Ripple website. In reality, this website as fake as it can possibly be but very few uninitiated users can suspect it. 

The website features an article about Ripple Labs unlocking its XRP stack from an escrow and airdropping it on a "first come, first serve" basis in order to increase the level of liquidity and decentralization of the third largest cryptocurrency. 

Related
Scam Alert: How Ethereum’s Istanbul Hard Fork is Used to Steal Your ETH

Greedy users who want to receive their airdropped tokens will be redirected to a page where they will be asked to download a fake version of the Bithomp wallet. After that, scammers will easily get any tokens that will be sent to this address. 

As you can see, that link could be very expensive for some gullible users! 

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.