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Ripple CEO Warns Against Rising Deepfake Scams in Crypto Market

Ripple's CEO highlights the growing threat of deepfake scams and a false regulatory filing impacting the cryptocurrency market.
Published on 2023-11-14

Rise of Deepfake Scams in Cryptocurrency

Ripple's CEO, Brad Garlinghouse, is alerting the crypto community about the sophisticated deepfake scams affecting the market. These scams involve manipulated videos that falsely depict Garlinghouse endorsing an XRP giveaway, misleading users into sending XRP deposits with promises of doubled returns. Such deceptive content has been spreading on platforms like YouTube, raising concerns about the effectiveness of measures to combat fraudulent activities online.

Legal Challenges and Community Support

Garlinghouse's concerns are not new. He previously engaged in legal disputes with YouTube, culminating in a 2021 agreement to tackle such scams. The crypto community supports Garlinghouse's efforts, with discussions suggesting that further legal action might be necessary to protect investors from ongoing threats.

Impact of Fake Regulatory Filings

In a related incident, a fake regulatory filing on Delaware's official website claimed that BlackRock Inc. was launching an "iShares XRP Trust" fund. This misinformation temporarily inflated XRP's value by nearly 13% before BlackRock denied any involvement, leading to a market correction. This incident, alongside the deepfake scams, highlights the difficulty investors face in distinguishing between legitimate and fraudulent information.

Need for Increased Vigilance

The XRP Ledger Forensics team has issued warnings about these "free money" scams, emphasizing the necessity for digital asset holders to remain vigilant. As the crypto market continues to evolve, the importance of verifying information through official channels becomes increasingly crucial to safeguard investments.

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