Being a relatively young industry, crypto space is more vulnerable to scammers and imposters, with the community losing billions of dollars in crypto frauds over the years. Responding to the growing giveaway scams in their name, Ripple has posted an article explaining to its community members how to spot XRP giveaway scams.
The article posted on the company’s official website is an attempt to create awareness among the vulnerable sections of the community. As per the post, the first warning one can get that a giveaway is a scam is if it asks the users to send some amount of money in order to receive the rewards that are much bigger than the money asked for. Ripple added that any legit giveaway will never ask for money or any other financial information, as winnings are always free. It further added,
“In response to the numerous XRP giveaway scams and impersonations, Ripple has hired an external cybersecurity and digital threat intelligence vendor to help with reporting and takedown efforts. Additionally, we have built our own submission form for the community to report unusual activity. Where there is money, there will always be people looking to steal it. Be mindful of what you see on social media, check for signs of scam posts and protect yourself.”
Ripple co-founder and CEO Brad Garlinghouse seemed to be upset with another of his imposters on YouTube. In a tweet on Wednesday, Brad said that social platforms need to hold scammers, from crypto and other sectors, accountable for stealing money from the vulnerable users through fake giveaways.
Garlinghouse also said,
“My semi-annual PSA: @Ripple and I have not, nor will we ever, conduct a giveaway like the scams that continuously pop up impersonating me on YouTube, Instagram, Twitter, etc. Action needs to be taken – more to come soon.”