A new Deepfake scam is on X (Twitter), falsely claiming that Ripple is launching its 100 million XRP rewards program.
The scam comes hours after XRP prices hit an all-time high (ATH), drawing tailwinds from wider market optimism, growing investor interest and increasing new addresses.
Deepfake Scams abuses XRP Price’s ATH momentum
The AI-generated video features a digitally operated version of Ripple CEO Brad Garlinghouse. In the video, Garlinghouse thanked the XRP community for its support during Ripple’s multi-year legal battle with the US SEC (Securities and Exchange Commission), and mistakenly announced the congratulatory airdrop.
“Four years ago, we took part in a fight that we didn’t choose. But we fought and won the SEC… I’m starting a Ripple Rewards program with a 100 million XRP airdrop pool created for you,” the manipulated video claims.
The scam has spread online and has driven excitement after XRP prices surged into new ATHs on Thursday, spurring a growing interest in investors and an increase in new addresses.
Bad actors also aim to take advantage of the conclusions of Ripple vs. SEC case. This is a move that network executives know well.
In hindsight, Ripple deals with the surge in social media scams following the success of each major courtroom.
In August 2024, the con artist promoted a fake XRP airdrop after Judge Analisa Torres ordered Ripple to pay only the prison. That was far less than the SEC’s initial $2 billion demand.
Similarly, after the 2023 ruling that XRP is not security, there has also been an increase in deepfakes and phishing attacks targeting Ripple investors.
“Many scammers are using the good news these days to trick and steal them. There are no airdrops, giveaways or special offers associated with this verdict,” warned David Schwartz at the time.
Schwartz went to social media to reveal the latest scams and posted a warning to the ripple CTO on X (Twitter).
Despite the malicious behavior from bad actors, analysts are optimistic about the ripple price rally. On-chain metrics suggest that XRP still has more potential for rising. However, as happiness swells, so does fraudulent activity.
Against this background, Ripple has consistently reminded users that the company and its executives will not launch token giveaways, seek personal information, or request fund transfers.
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