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Important Tips to Consider for Spotting XRP Giveaway Scams

Spotting XRP Giveaway Scams

The crypto industry is quite young and new and in such a short span, it faces threats emanating from several scammers, hackers, and imposters. The community has so far lost billions of Dollars in widely prevailing crypto scams over the last few years. Giveaways scam has gone on to become an industry wherein efforts are made constantly towards targeting the gullible investors so that they may send money. They are promised that they would receive more funds in return via an airdrop. The various scams either impersonate organizations or individuals. The scams are largely spread through bogus social media accounts using YouTube, Twitter, and Facebook, among others.

Amid the constant threats posed by these scammers, Ripple has sensed the urgent need to make the community members aware of them. And, Ripple has shared some vital tips to identify the XRP Giveaway scams:

Giveaway Scams of XRP over YouTube:

Recently, a Ripple CEO scam came to light on Youtube that included an impersonator of Brad Garlighouse. The impersonator reportedly defrauded viewers and robbed the vulnerable XRP investors of money, according to Ripple News. The latest Ripple CEO scam highlighted a person who impersonated himself as the CEO of Ripple Brad Garlinghouse to lure scores of investors towards a 50 million XRP token giveaway. The scammers can be easily recognized by veteran crypto investors, but the real problem lies with upcoming investors who are still very new for the industry. This is probably the first time a scammer tried to impersonate a leading personality in the crypto space. YouTube has now emerged as the hotbed of crypto scams. The Ripple CEO scam apparently organized on a deceiving YouTube channel with fake 2,76,000 subscribers.

How to Spot Giveaway Scams:

Ask You for Money

The very first thing that should make you realize that something is fishy is that you will be asked for money by the giveaway ad scam to receive the reward. You might be compelled first to send some personal financial account details or send money. It is worth noting that any credible sweepstakes or lottery will never ask you for money or financial account details abruptly as they are always free.

Take Action

If you come across any dubious ad or scam, you must become alert and report the matter to the police and the company concerned. There have been instances that when you report a scam, many new will replace it. It is a vicious cycle that may be difficult to break at times. When you report such scams, it will rely on the companies involved. The companies will identify the scammers and send a request seeking the removal of fake accounts.

Hire Cybersecurity Officials

Amid the growing XRP giveaways scams and impersonation cases, Ripple hired independent cybersecurity and digital threat intelligence vendors to assist the investors in reporting and chalking out strategies for the removal of a fake identity. Apart from this, Ripple has also established its own submission form for the community members to report any suspicious activity.

Element of Money Will Always Lure Scammers

It is worth mentioning that money will always lure these scammers and imposters. And, they will leave no stone unturned to steal it by creating fake social media accounts. It is, therefore, important to remain vigilant about what transpires on social media sites. You should always look for signs of scam posts and take all measures to protect yourself. The XRP community has also placed requests to YouTube for shutting down the channel and sought removal of the scam instantly. Viewers are coaxed into investing in airdrop scams and then they vanish overnight by duping scores of investors.

Ripple Never Hosts Giveaways

It is worth noting that leading crypto giants, namely Ethereum and Ripple, never organize giveaways.  And, most significantly, they will never ask investors for upfront money. These brands have carved their own identity and established their legacy over the years. Leading brands and personalities will never have the intention of duping their investors.

Conclusion

You must always remain on your toes whenever you plan to invest your money in cryptocurrencies. The crypto industry is plagued by giveaways scams. It is significant to raise your awareness level to distinguish between fake and real at a time when misinformation is highly prevalent. Apart from that, If you are more interested in Ripple (XRP) updates and want to know about the live prices & Ripple Price Prediction, then you must visit our other pages.

About the author

Myrtle Murchison

Myrtle Murchison

Myrtle Murchison is a price analyst and a crypto news expert. She deals with various topics related to price analysis. She leads a team of crypto news writers. She has 5 years of experience with ripplenews.io.

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