• Ripple has reported a sharp increase in fake XRP giveaways on YouTube.
• Scammers are using deepfake videos to impersonate Ripple and its executives.
• XRP’s price surge has made it a bigger target for online fraud.

Ripple has cautioned the XRP community about a new wave of scams spreading on YouTube. Scammers are taking over active accounts, changing names and images in the style of the company’s brand, and posting fake giveaway videos. Most of the videos in question award doubles on whatever XRP is deposited in a given wallet address. The victims never see the money again.

Ripple CEO Brad Garlinghouse has even gone on record in dealing with the growing menace, explaining that the scams reappear every time the crypto space gains momentum.

XRP surpassed a 2018 all-time record in the last week by breaking the $3.60 level, and the success attracted more scams. With the current XRP market cap standing at over $200 billion, fake propositions related to the token are now being witnessed on various platforms.

These phishing giveaways have a pattern. They tend to emerge from hijacked YouTube accounts, rebranded as the company’s official account. The presentation is made to seem legitimate by the inclusion of the company logos and actual event footage from legitimate events.

Also Read: Lazarus Group Linked to Shocking $3.2 Million Crypto Scam

Deepfake Tools and Paid Ads Add to the Problem

Ripple’s previous reports explained how scammers are utilizing sophisticated tools such as deepfakes in promoting agendas. Such videos incorporate actual interviews and Ripple team member clips, but are edited digitally in order to advertise false XRP giveaways. Others go even further by adding logos, voice-overs, and even fake comments in order to make everything look more real.

Scammers have transferred the content elsewhere, too. Facebook, Instagram, Discord, and X have all had identical scam posts. Others even utilize paid ads themselves, making them appear more official to unsuspecting users. More troubling is the speed at which the scams evolve. When a single fake account is flagged and taken down, there is already a duplicate within a few hours.

Past data shows the scale of the issue. Between 2021 and 2023, social media scams cost people nearly $2.7 billion. About $2.3 billion of that came from impersonation schemes alone. Ripple has pointed out that fast-spreading misinformation has made it harder for users to tell what’s real.

What Ripple (XRP) Holders Should Watch Out For

Ripple is urging users to be on the lookout and check out any suspicious links, videos, or posts before handling them. If it looks suspicious, whether it’s a giveaway post, an ad, or a message from an unverified account, it’s best avoided. Scams almost always ask people to send crypto first in exchange for a reward. That’s always a red flag.

All users should confirm any promotion by contacting Ripple’s official website or approved accounts. Ripple further recommends reporting suspicious dealings immediately to avoid the distribution.

Also Read: Crypto Scam Lands Two Men 12 Years Behind Bars For £1.5 Million Fraud