David Schwartz warns investors of a scam site promising XRP giveaway amid the legal frenzy as fraudsters target unsuspecting users with fake airdrops.
Ripple CTO David Schwartz has warned the crypto community about the rise of scams following XRP’s recent legal triumph. As excitement over the victory spreads, fraudsters are taking advantage by creating fraudulent websites to deceive unsuspecting users.
In a tweet that garnered widespread attention, Schwartz sounded the alarm on a specific scam site, holdxrp[dot]com, which falsely claims to offer a massive airdrop of 100 million XRP to Ripple users.
CAUTION: holdxrp . com is a scam site.
— David “JoelKatz” Schwartz (@JoelKatz) July 21, 2023
With XRP now declared non-security by the court, the crypto market has seen increased interest and positive sentiment toward the digital asset. However, the development has also attracted the attention of scammers seeking to exploit the situation for nefarious gains.
Recall that early this week, as The Crypto Basic reported, a senior correspondent at Fox inadvertently attracted over half a million views to a scam account promoting XRP giveaways.
The XRP Scam Portal
The site preys on the enthusiasm surrounding XRP’s legal win, attempting to lure individuals into providing sensitive information or sending funds. The fraudulent website employs deceptive language, claiming that Ripple Labs will dedicate even more resources to making XRP and RippleNet more user-friendly and accessible in 2023.
It also impersonates the Ripple CEO Brad Garlinghouse, falsely promising a substantial airdrop pool of 100 million XRP to celebrate the digital asset’s global influence and express gratitude to the Ripple community.
Ripple CTO’s timely caution protects users from such scams. He urged XRP holders to remain vigilant and avoid interacting with suspicious websites or offers that promise unrealistic rewards.
Notably, Schwartz has been vocal about the rise of crypto scams within the crypto community. In March, he took to Twitter to share his perspective on calling out scams, balancing the need to protect users while avoiding unfounded accusations against legitimate projects.
Ultimately, representing Ripple, Schwartz has continuously warned that the company is not conducting any airdrops, and users should be wary of any such claims made by questionable sources.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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