As a seasoned researcher who has been closely following the crypto industry for over two decades now, I find myself constantly reminded of the adage: “With every rise, there comes a fall.” The recent victory of Ripple against the SEC and the subsequent launch of their stablecoin, RLUSD, is no exception.
In light of Ripple launching its new stablecoin, RLUSD, for testing, XRP Scan, a tool that explores transactions on the XRP Ledger, is advising the community to stay vigilant against potential scams claiming to be RLUSD issuers.
As a crypto investor, I’ve recently come across this advisory, which is a follow-up to a significant alert issued by Ripple. It seems they’re sounding the alarm about a surge in fraudulent activities that aim to capitalize on their recent legal triumph over the SEC.
In a significant win for Ripple and the broader cryptocurrency sector, a court has drastically reduced the Securities and Exchange Commission’s initial demand by approximately 94%. The ruling now requires Ripple to pay $125 million in civil penalties, effectively bringing an end to their nearly four-year long legal dispute.
With excitement within the cryptocurrency realm, this success has also drawn unwanted attention from opportunists seeking to exploit the positive mood and heightened curiosity surrounding XRP.
In a recent tweet, Ripple issued a caution: “With today’s significant win, there’s been an increase in scams. Watch out for fraudulent Ripple accounts, impersonated executive profiles, or those advertising XRP Giveaways or XRP Airdrops. Be assured that neither Ripple nor its executives will ever ask you to transfer funds anywhere.”
Warnings issued as RLUSD stablecoin enters beta testing
Ripple has announced that its stablecoin, Ripple USD (RLUSD), can be tested in a private beta phase on both the XRP Ledger and Ethereum‘s primary network. This announcement has sparked enthusiasm among XRP users and the larger cryptocurrency community.
Following Ripple’s announcement, this action is seen as a key achievement, bringing them one step closer to incorporating top-tier assets onto the XRP Ledger. This move opens up fresh chances, boosts liquidity, and increases opportunities for usage among users, developers, and apps that interact with it.
In simpler terms, the value of RLUSD (Ripple’s USD-linked digital asset) will be tied directly to the U.S. dollar. The reserves for this digital currency will consist of U.S. dollar deposits, short-term U.S. government securities, and other cash equivalents. A trusted accounting firm will regularly audit these reserve assets. Ripple plans to release monthly attestations about these audits.
During all the enthusiasm, Ripple advises the cryptocurrency community to stay vigilant against fraudsters claiming they offer or can distribute Ripple USD. Importantly, this stablecoin hasn’t received regulatory approval yet, so it isn’t accessible for buying or trading at this time.
Just like a word of caution, XRP Scan – a tool that explores the XRP Ledger – advises the XRP community to exercise care when dealing with supposed RLUSD issuers. It is recommended to confirm the authenticity of accounts before putting faith in them.
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2024-08-10 17:26