XRPL Community Receives Crucial Warning from Xaman Wallet Founder About Fake 'Xaman' Token

The XRP community recently received a crucial warning from Wietse Wind, a leading developer on the XRP Ledger (XRPL), about a fake token circulating under the name “Xaman.”

The XRP community has been warned by a leading developer on the XRP Ledger (XRPL) about a fake token that is circulating under the name "Xaman." This warning comes as newly issued tokens on the XRPL are increasing, and the message is for community members to stay vigilant as the threat of scams remains high.

According to a recent statement by Wietse Wind, the founder of Xaman Wallet, there is no official Xaman token, and his team is not involved in any token issuance under that name. The token, which is currently circulating on platforms like First Ledger, is deceptively branded and falsely implies a connection to the Xaman Wallet.

Wind stated that his team does not plan to issue a token and that no authentic Xaman token exists. He described the “Xaman token” as a deceptive, fake meme coin and strongly advised against engaging with it.

By exploiting the Xaman name, fraudsters attempt to mislead the XRP community, particularly as interest in the token’s Ledger and decentralized finance solutions grows.

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The XRPL has seen a significant increase in token creation, driven by rising interest in XRPL-based assets and new trading platforms. First Ledger, a platform designed to facilitate XRPL token trading, recently set a record for the most tokens issued daily on the Ledger, far surpassing previous highs from 2021.

While First Ledger's success reflects the ledger’s expanding ecosystem, it also highlights the need for caution, as the rapid growth of new tokens presents opportunities for scammers to take advantage of unsuspecting users.

As token issuance continues to climb, so does the risk of scam tokens that appear to be legitimate. The community’s proactive approach to security is essential, as scam tokens, impersonations, and fraudulent projects are emerging to exploit this growth. These scams pose real risks to community members, who may be misled into supporting projects or tokens that lack legitimacy.

In addition to Wind's warning, other trusted members of the asset’s XRPL community have reinforced the caution. Vet, a co-founder of xrpcafe and a validator within the XRPL, publicly urged users to be cautious regarding impersonation schemes. He stated, “We’ll block it from the platform ASAP, including the keywords to prevent future issuance.”

The official Xaman Wallet account has also issued several reminders regarding common scams, including impersonations of Xumm Support and fake NFT minting services that aim to deceive users. Such impersonations are designed to trick users into sharing sensitive information, which scammers can misuse for their gain.

Best Practices for Security

As the ecosystem expands, so does the responsibility of community members to prioritize security. Warnings from Wind, Vet, and other developers are reminders for all users to remain cautious when interacting with newly issued tokens or engaging with unfamiliar projects. Verifying token authenticity through official channels, such as trusted developer accounts or validators, is highly recommended to avoid falling victim to scams.

: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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