As an analyst with over two decades of experience in tech and finance, I can’t help but shake my head at the persistently growing issue of crypto scams. Having witnessed firsthand the evolution of these schemes from simple phishing attempts to sophisticated deepfakes, it’s clear that the bad actors are relentless in their pursuit of unsuspecting victims.
Ripple CEO Brad Garlinghouse has urged members of the XRP community not to fall for various scams on social media.
His recent advisory is issued following the unauthorized access to the YouTube channel of the Supreme Court of India, which was exploited to peddle an XRP fraud scheme.
Garlinghouse has stressed that Ripple execs never ask anyone to send them XRP tokens.
“It’s pathetic to see scammers prey on & exploit innocent crypto users, and the ease at which social media platforms allow it to happen. Stop, spot, avoid – protect yourself,” he said.
The mushrooming of generative artificial intelligence (AI) makes cryptocurrency scams more sophisticated and insidious. Last year, scammers cloned Garlinghouse’s voice to create a fake video that was promoting an XRP giveaway scam.
According to U.Today, a phony live stream featuring Apple CEO Tim Cook garnered over half a million views on YouTube before the company’s September event. The scammers were advertising a fake cryptocurrency giveaway by mimicking Cook’s voice.
In April 2020, Gasrlinghouse and Ripple filed a lawsuit against YouTube, claiming that they neglected their duty to safeguard customers. The case was resolved the following year. Yet, in 2023, a Ripple executive criticized YouTube again, alleging that they were negligent and “asleep at the switch.
This month, it was uncovered by the FBI that U.S. citizens collectively fell victim to cryptocurrency frauds amounting to an astounding $5.6 billion in the year 2023.
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2024-09-20 20:00