Scams using cryptocurrencies have significantly increased throughout social media platforms over the past year. In one such latest example, the Red Cross handle on Twitter was advertising a phony XRP giveaway fraud.
According to one of the most recent tweets promoted on Sunday, February 19, by the Red Cross account, Ripple CEO Brad Garlinghouse has launched an XRP airdrop. In addition to that, the tweet urged recipients to hurry up and claim their "prize" by following the provided link.
Red Cross has certified this scam as a hack and has warned consumers advising people to remain vigilant of such fraudulent activities. This is not the first time hijacked Twitter feeds have pushed the Ripple XRP fraud.
Hackers used the Twitter account of an American television sports channel called GOL TV to spread the word about a hoax involving XRP that gives away free cryptocurrency. Earlier this month, the profile of French Municipal Councilman Quentin Feres pushed a fraud similar to the one discussed here.
This past September 2022, the official Twitter profile of the Indian Embassy in Oman was hacked to advertise an XRP giveaway fraud. Most scams pitch themselves to their victims as companies affiliated with Ripple while presenting them with alluring investment opportunities.
Yet, these offers do not come with any protection in the form of formal agreements or supervision from the relevant authorities.
Many have daringly exploited the name of Ripple CEO Brad Garlinghouse, providing investment choices that turn out to be fake. Even though social media sites like Twitter have implemented efforts to combat the proliferation of false accounts, con artists have found a method to circumvent these safeguards.
Ripple in the News Recently
Ripple has faced difficulties concerning its ongoing conflict with the US SEC. Despite this, the blockchain company continues to progress despite the obstacles.
Last month, while being interviewed at the World Economic Forum (WEF), the CEO of Ripple, Brad Garlinghouse, emphasized (2) the importance of having access to the Hinman speech papers. According to him, giving Ripple access to the relevant records would make it abundantly evident why the Commission filed a lawsuit against the company.
"When those hit the news, I think we'll see more such questions as 'How is it conceivable the SEC agreed to bring a lawsuit against Ripple considering what they had said inside their walls,'" he wrote.
On the other hand, Ripple maintains its collaborative efforts with its partners across various projects. Ripple is now working on a project to create a central bank digital currency, and the Central Bank of Montenegro has just joined forces with the company.
XRP Price Movement
Meanwhile, the XRP price has sharply risen 4.83 % over the last day. IT was seen exchanging hands at $ 0.404 at the time of this write-up. Moreover, it has been up 28% since the start of 2023. Nevertheless, it is down 80% from its all-time high of $ 1.963 which occurred in April 2021.