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Cryptocurrency News Articles
Ripple CEO Brad Garlinghouse Warns of Rise in XRP-Related Scams, Calls Out Social Media Platforms
Sep 21, 2024 at 06:04 pm
Scammers exploit India's Supreme Court's YouTube channel to advertise XRP cryptocurrency.
Ripple CEO Brad Garlinghouse has once again warned XRP users about scams, expressing dissatisfaction with social media platforms for allowing these fraudulent activities to continue.
The latest scam attempt saw fraudsters exploiting India’s Supreme Court YouTube channel to promote XRP cryptocurrency. The channel is usually employed by the court to broadcast important public interest cases. However, in a first-of-its-kind incident for the judicial body, the channel was compromised on Friday. Its name was changed to ‘Ripple.live24,’ and a video promoting XRP tokens was uploaded.
The channel went live in the morning European hours with a blank video titled “Brad Garlinghouse: Ripple Responds To The SEC’s $2 Billion Fine! XRP PRICE PREDICTION.” The scam video even featured an image of Garlinghouse on the thumbnail to make it appear more legitimate. However, both the video and the channel were quickly removed.
In a statement shared with local media, the Supreme Court said, “This is to inform all concerned that the YouTube channel of the Supreme Court of India has been taken down. The services on the YouTube channel of the Supreme Court of India will be resumed shortly.”
Following the incident, Garlinghouse issued a strong warning to XRP holders. He clarified that Ripple or its executives will never ask the community to send them XRP. This tactic is commonly employed by scammers, who promise to increase funds if individuals transfer XRP to designated wallets.
Moreover, scammers often use deepfake videos featuring Garlinghouse and other Ripple executives to promote giveaway scams. To protect themselves from such scams, Garlinghouse advised users to follow a three-step approach: “stop, spot, and avoid.”
With the advancement of generative artificial intelligence (AI), cryptocurrency scams are becoming more elaborate and deceptive. In 2022, scammers used voice cloning technology to create a fake video of Garlinghouse promoting an XRP giveaway scam.
In April 2020, Garlinghouse sued YouTube for allowing such scams to flourish on its platform. However, YouTube defended itself by arguing that it is not liable for the content posted by third parties on its platform. In response, Ripple filed a countersuit, arguing that YouTube was turning a blind eye to the problem while scammers were making millions on the site. The two parties eventually settled in 2021, agreeing to collaborate in the future to combat such deceptive practices.
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