Cybercriminals imitate Ripple Labs to defraud XRP community
Investing.com | Editor Ambhini Aishwarya
Published Oct 12, 2023 08:13AM ET
Cybercriminals are impersonating Ripple Labs, the company behind the cryptocurrency XRP, in an attempt to defraud its community members, according to a post on X Thursday. The fraudulent scheme involves sending malicious emails from an unrelated address, as unearthed by crypto investigator @_XRP_QUEEN.
Recipients of these emails are falsely informed that Ripple has launched a 300M RippleNet Accelerator Program. They are then prompted to sign into a non-existent "XRP Toolkit account" and claim XRP via an embedded button in the email. This ploy could potentially allow attackers to gain control over the victims' cryptocurrency wallets.
It's crucial to note that the real RippleNet Accelerator Program was announced on Ripple's official website in 2017, not through email outreach to XRP holders. The recent malicious emails bear no connection to the genuine program.
In addition to the email scam, these fraudsters have also exploited social media platforms to spread similar scams involving fake XRP giveaways. The extent of the damage caused by these fraudulent activities remains unclear at this time.
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