Ripple CEO Fights Back Against Fake XRP Scams on YouTube

• Brad Garlinghouse condemns scammers who hacked India’s Supreme Court’s YouTube channel to promote a fake XRP scheme.
• Ripple’s CEO emphasizes the potential of the XRP Ledger to revolutionize global payments with a faster, more efficient alternative to SWIFT.

Brad Garlinghouse, Ripple’s CEO, has addressed a scam employing Ripple and XRP that revealed after hackers took over India’s Supreme Court YouTube channel. The channel was compromised and rebranded as “Ripple Official,” with the logo changed to provide the impression of legitimacy.

Unfort this feels like my annual PSA (and yes, I sound like a broken record): @Ripple and execs will NEVER ask you to send us XRP. It’s pathetic to see scammers prey on & exploit innocent crypto users, and the ease at which social media platforms allow it to happen. Stop, spot,… https://t.co/XGDFcxY80T

— Brad Garlinghouse (@bgarlinghouse) September 20, 2024

Garlinghouse Warns Against Rising XRP Scams Targeting Ripple’s Reputation 

The hackers even uploaded a bogus video called “Brad Garlinghouse: Ripple Responds To The SEC’s $2 Billion Fine! XRP Price Prediction.” This fraudulent endeavor was intended to entice consumers into a bogus XRP investment plan by exploiting Ripple’s and its management team’s reputations.

Garlinghouse stated his displeasure with the situation, emphasizing that Ripple and its officials will never urge anyone to send XRP. He advised the community to be watchful and careful about such frauds, underscoring the significance of raising awareness in the face of increased fraudulent activity.

Unfortunately, Ripple has been targeted before. In the past, scammers used deepfake technology, including Garlinghouse’s voice, to promote fake XRP giveaway schemes. These frequent attacks highlight the difficulty the crypto industry has in preventing scams and preserving trust.

On the other hand, as we previously reported, Garlinghouse recently discussed Ripple’s plans to create a US dollar-pegged stablecoin in the United States. This move is part of Ripple’s overall effort to broaden its capabilities and enter the booming stablecoin sector.

After establishing a footprint in the United States, Ripple plans to explore opportunities in Japan, which Garlinghouse sees as a perfect location for stablecoin growth due to its strong regulatory environment.

His interest in the Japanese market indicates Ripple’s desire to expand its worldwide reach, particularly in places with more established cryptocurrency legislation.

Furthermore, according to CNF, Garlinghouse emphasized the potential of the XRP Ledger (XRPL) to alter global banking and payment systems. He stressed that Ripple’s decentralized technology might provide a speedier, more efficient, and cost-effective alternative to the existing SWIFT network.

According to him, the XRPL has the ability to drastically cut the current 6% mistake rate for cross-border payments conducted via SWIFT.

Meanwhile, XRP is currently trading around $0.5851, moving in consolidation over the past seven days. The market remains cautious, focusing on recent economic developments such as the Federal Reserve’s move to cut interest rates by 50 basis points.