Ripple CTO warns against XRP scams amid SEC-induced hype

A court judgment in favor of Ripple Labs– specifying that XRP (XRP) is not a security– reignited the long-lost buzz around the community. Preparing for an increase of rip-offs as the token rallied, Ripple chief innovation officer David Schwartz issued a cautioning to investors.A two-year-long legal battle in between the United States Securities and Exchange Commission and Ripple partially concluded on July 13, with its XRP token shaking off the “security” label in a decision by the United States District Court for the Southern District of New York.XRP is not a security.This victory for @Ripple is a win for the whole market and an action toward regulative clarity in the U.S.A substantial thank you to @bgarlinghouse, @chrislarsensf, and @s_alderoty for their management and the #XRPCommunity for their continued support. In such instances, the fraudster intends to get access to the possible victims crypto wallets, which would be utilized to drain pipes existing tokens or siphon stolen funds at a later date.Related: Ripple, Binance impersonators target XRP holders via phony staking programIn April 2023, YouTube assisted recuperate a developers channel with 2.4 million subscribers, which was hacked to promote XRP scams.so sorry youre having to deal with this!

A court judgment in favor of Ripple Labs– specifying that XRP (XRP) is not a security– reignited the long-lost hype around the environment. Anticipating an increase of rip-offs as the token rallied, Ripple chief technology officer David Schwartz issued an alerting to investors.A two-year-long legal battle between the United States Securities and Exchange Commission and Ripple partially concluded on July 13, with its XRP token getting rid of the “security” label in a decision by the United States District Court for the Southern District of New York.XRP is not a security.This victory for @Ripple is a win for the whole market and an action toward regulatory clarity in the U.S.A big thank you to @bgarlinghouse, @chrislarsensf, and @s_alderoty for their leadership and the #XRPCommunity for their continued assistance.– Ripple (@Ripple) July 13, 2023

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The event also marks the most significant cost jump for XRP in the past year.XRP 1-year rate chart showing a spike after a New York court ruling. Schwartz took to Twitter to warn against the increasing XRP scams. In such circumstances, the scammer means to acquire access to the potential victims crypto wallets, which would be utilized to drain existing tokens or siphon taken funds at a later date.Related: Ripple, Binance impersonators target XRP holders via phony staking programIn April 2023, YouTube assisted recover a creators channel with 2.4 million customers, which was hacked to promote XRP scams.so sorry youre having to deal with this!