SCAM ALERT: Ripple (XRP) Hit by Another Fake Coin Scam

The Ripple community is in an uproar this week as another fake XRP coin emerged on social media to scam investors.

“XRP Plus” has been identified as the latest Ripple-based scam to hit the crypto space, with eagle-eyed supporters flagging the fraudulent project circulating on popular Chinese social media platform Weibo. Fans realized something was amiss when they spotted Ripple CTO David Schwartz listed as a member of the XRP Plus team despite making no announcement of any such move.

This is the second scam within a week to attempt impersonating an XRP-based coin, and the community is growing increasingly fearful that Ripple has become a new trending target for fraudsters. “XRP Classic” was the first copycat scam coin to make an appearance and is a far more intricate hoax than XRP Plus.

First off, XRP Classic has its own website albeit one with a completely botched landing page filled with typos, nonsensical text samples, and an image gallery that features mostly children. Second, it has its own whitepaper, which again is completely botched and written in Powerpoint. Finally, and perhaps most interestingly, the scammers have even gone to the length of creating an XRP Classic Twitter page, which features a number of messages assuring investors that the project is legitimate and “working real.”

According to a Coingecko report, a staggering $867.45 million is estimated to have been nicked by crypto scammers over the last year, and the figure is expected to grow exponentially through 2019. Fake coins such as XRP Plus and XRP Classic are likely to become increasingly prominent as the crypto market continues to attract fraudsters. Investors need to remain vigilant and learn how to identify these threats if they are to avoid falling victim to such scams.

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