As an experienced analyst, I strongly advise caution when it comes to the recent emergence of a fake RLUSD stablecoin on the XRP Ledger. Scammers are unfortunately taking advantage of the upcoming launch of Ripple’s stablecoin by creating a fraudulent token with the same name and ticker. This is a common tactic in the crypto world, and it’s important for users to stay informed and vigilant.
Scammers have started exploiting the anticipated release of Ripple‘s stablecoin by creating a fraudulent version, named RLUSD, which is currently circulating on the XRP Ledger.
As a crypto investor following the XRP community, I’ve received a cautionary message from Wietse Wind, the operator of the XRP Ledger’s decentralized stablecoin, dUNL. He has warned us that the official RLUSD stablecoin is still not available and urged us to remain vigilant against potential scams in the marketplace. Scammers may try to take advantage of unsuspecting investors, so it’s essential for us to stay informed and exercise caution when dealing with crypto assets.
As an analyst, I would caution that on the XRP Ledger, both the ticker and name are not distinct, making it simpler for deceitful actors to mislead unsuspecting users. It’s essential to verify that the product is being presented directly by Ripple, as only the issuer account holds uniqueness.
To avoid being tricked by scams, DLT expert Krippenreiter advises examining the “r-address” using any explorer that supports XRP Ledger (XRPL), and reviewing the account history. Additionally, users should confirm that there are authentic press releases issued by Ripple and RippleX, Ripple’s development arm, before engaging with any supposed stablecoin product to ensure its legitimacy.
XRPScan, the foremost explorer of the XRP Ledger, has identified an account suspected of issuing the counterfeit RLUSD stablecoin. Notably, this account has amassed a considerable amount of XRP through trading the token on decentralized exchanges (DEX) and automated market makers (AMM).
A 2024 launch?
According to U.Today’s news, Ripple President Monica Long has forecasted that Ripple’s upcoming stablecoin, initially unveiled in April, is expected to be released this year.
Earlier this month, the company revealed the RLUSD ticker during XRPL Apex 2024.
“Ripple aspires to challenge the dominance of established players like Tether and Circle in the bustling market for stablecoins.”
Read More
- USD ZAR PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- TOWER PREDICTION. TOWER cryptocurrency
- AST PREDICTION. AST cryptocurrency
- USD PEN PREDICTION
2024-06-18 09:20