{"id":19980,"date":"2023-07-14T07:58:00","date_gmt":"2023-07-14T07:58:00","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/ripple-cto-warns-against-xrp-scams-amid-sec-induced-hype\/"},"modified":"2023-07-14T07:58:02","modified_gmt":"2023-07-14T07:58:02","slug":"ripple-cto-warns-against-xrp-scams-amid-sec-induced-hype","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/ripple-cto-warns-against-xrp-scams-amid-sec-induced-hype\/","title":{"rendered":"Ripple CTO warns against XRP scams amid SEC-induced hype"},"content":{"rendered":"
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A court ruling in favor of Ripple Labs \u2014 stating that XRP (XRP) is not a security \u2014 reignited the long-lost hype around the ecosystem. Anticipating an influx of scams as the token rallied, Ripple chief technology officer David Schwartz issued a warning to investors.<\/p>\n

A two-year-long legal battle between the United States Securities and Exchange Commission and Ripple partly concluded on July 13, with its XRP token shaking off the \u201csecurity\u201d label in a decision by the United States District Court for the Southern District of New York.<\/p>\n

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XRP is not a security.<\/p>\n

This victory for @Ripple<\/a> is a win for the entire industry and a step toward regulatory clarity in the U.S.<\/p>\n

A huge thank you to @bgarlinghouse<\/a>, @chrislarsensf<\/a>, and @s_alderoty<\/a> for their leadership and the #XRPCommunity<\/a> for their continued support.<\/p>\n

\u2014 Ripple (@Ripple) July 13, 2023<\/a><\/p><\/blockquote>\n

What followed was an organic but substantial spike in XRP\u2019s market price. As shown below, the XRP price rallied over 70% \u2014 bringing up its value from $0.47 to $0.82 in a day. The incident also marks the biggest price jump for XRP in the past year.<\/p>\n

XRP 1-year price chart showing a spike after a New York court ruling. Source: TradingView<\/em><\/figcaption><\/figure>\n

The hype around cryptocurrencies or crypto ecosystems like nonfungible tokens (NFTs) is when crypto scammers get highly active in trying to dupe unwary investors. Schwartz took to Twitter to warn against the rising XRP scams. He said<\/a>:<\/p>\n

\u201cA lot of scammers are taking advantage of the recent good news to try to cheat and steal. There are no airdrops, giveaways, or special offers associated with this ruling.\u201d<\/p><\/blockquote>\n

Given its massive popularity and growing community, scammers often imitate Ripple\u2019s official website to promote fake giveaways and airdrops. In such instances, the scammer intends to gain access to the potential victim\u2019s crypto wallets, which would be used to drain existing tokens or siphon stolen funds at a later date.<\/p>\n

Related: <\/em><\/strong>Ripple, Binance impersonators target XRP holders via fake staking program<\/em><\/strong><\/p>\n

In April 2023, YouTube helped recover a creator\u2019s channel with 2.4 million subscribers, which was hacked to promote XRP scams.<\/p>\n

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so sorry you’re having to deal with this! first, we’ll need to get some quick info from you & then we’ll connect you w\/ a specialist team who helps restore account access. follow us & we’ll be able to DM you the info you need!<\/p>\n

\u2014 TeamYouTube (@TeamYouTube) April 28, 2023<\/a><\/p><\/blockquote>\n

YouTuber DidYouKnowGaming regained access to its account and recovered the deleted videos following a swift intervention from YouTube. The exploit used by the hackers to gain access to YouTube accounts remains a mystery.<\/p>\n

Collect this article as an NFT<\/em><\/strong> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n

Magazine: <\/em><\/strong>Experts want to give AI human \u2018souls\u2019 so they don\u2019t kill us all<\/em><\/strong><\/p>\n<\/div>\n