Following its legal victory over the U.S. Securities and Exchange Commission (SEC), Ripple has issued a critical warning to XRP holders. In a recent post on X, Ripple alerted the XRP community to a surge in scam attempts exploiting the recent court ruling. Ripple highlighted that scammers are leveraging Wednesday’s historic win against the SEC to target unsuspecting investors.
Specifically, these fraudsters are using fake social media accounts to impersonate Ripple or its executives. They promote fraudulent XRP giveaways and airdrops. Ripple stressed that it will never ask community members to send funds for participation in such schemes. Consequently, any request for funds from accounts claiming to be affiliated with Ripple should be viewed as suspicious.
Previous Warnings
This situation echoes a warning from over a year ago. Ripple’s chief technology officer, David Schwartz, had previously cautioned against similar scams following the summary judgment decision on July 13, 2023. After Ripple’s partial victory in that case, scammers had launched numerous fraudulent XRP giveaways, creating fake accounts and AI-cloned videos of Ripple CEO Brad Garlinghouse to deceive investors.
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These schemes promised to return up to 1,000% of any amount sent, using a Ponzi strategy. Ripple and other XRP enthusiasts managed to expose and diminish these fraudulent activities.
Resurgence Of Fraudulent Activity
The recent court ruling has revived these scam attempts. Ripple secured another significant victory against the SEC on August 7. This ruling resulted in a partial victory for Ripple, reducing the penalty from $2 billion to $125 million.
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However, it also imposed a permanent injunction on XRP sales to U.S. institutions. Ripple must now obtain a registration statement from the SEC before selling XRP to institutional clients. Speculation continues that the decision may face an appeal.
Ripple’s warning underscores the ongoing risk of scams in the wake of their legal victories. XRP holders should remain vigilant and cautious of any suspicious requests or offers.
