In a stark warning, Ledger Support has alerted users of the digital currency XRP of a fraudulent scheme aimed at siphoning off their cryptocurrency holdings.
The scam, which involves fake airdrops, has been specifically designed to target the XRP community, with the intent of deceiving individuals into transferring funds to thieves.
Ledger Support has issued a set of guidelines for users to protect themselves.
Modus operandi
The scam, as depicted in a recent post, presents itself as a live airdrop event promising significant returns for participants.
The fraudsters utilize social media platforms to broadcast their scheme, luring unsuspecting users with the prospect of an exchange-traded fund (ETF) and a gift program associated with XRP.
They coax users to join via a provided link and make an investment.
However, the entire setup is a hoax. Deepfake videos and falsified endorsements were designed to steal cryptocurrency by persuading users to transfer their own XRP with the promise of lucrative returns.
Ripple CEO’s stand against deepfake scams
As reported by U.Today, Ripple CEO Brad Garlinghouse has criticized YouTube for allowing the proliferation of deepfake scam videos on its platform.
These videos, featuring manipulated old footage to push fraudulent narratives, have become alarmingly sophisticated due to AI mimicking voices and likenesses of known figures in the cryptocurrency space.
Garlinghouse’s call to action against YouTube follows a previous legal dispute where Ripple sued the video hosting service for failing to tackle similar scams.
Although that case was settled, the recent surge in deepfake scams raises questions about the platform’s vigilance.
