Warning: Fake Ripple Stablecoin Scam Targets XRPL Users


Scammers
have
begun
to
exploit
the
hype
around
Ripple’s
anticipated
stablecoin
launch,
circulating
a
counterfeit
Ripple
USD
(RLUSD)
token
on
the
XRP
Ledger
(XRPL).
The
fraudulent
activity
comes
ahead
of
the
expected
release
of
the

official
RLUSD,
set
to
compete
with
heavyweight
contenders
such
as
Tether
and
Circle
in
the
stablecoin
market.
Ripple
President
Monica
Long
has
suggested
that
the
stablecoin’s
launch
could
occur
later
in
2024,
following
its
initial
announcement
in
April
of
this
year.

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Ripple
Stablecoin
Is
Not
Launched
Yet

Krippenreiter,
a
renowned
member
of
the
XRP
community,

highlighted
the
urgency
of
the
situation
through
a
post
on
the
social
media
platform
X:
“There
are
several
reposts
circulating
that
promote
the
early
issuance
of
RLUSD
which
is
NOT
true.
I
also
found
an
AMM
pool
that
had
already
attracted
a
few
victims.”
He
further
outlined
key
steps
for
users
to
validate
the
authenticity
of
RLUSD
tokens
on
the
XRPL.

To
assist
users
in
identifying
genuine
RLUSD
tokens,
Krippenreiter
suggested
several
verification
methods:


  1. Account
    Ancestry:

    Users
    should
    scrutinize
    the
    “r-address”
    of
    the
    issuer
    using
    any
    XRPL-based
    explorer
    to
    trace
    links
    back
    to
    early
    Ripple
    accounts.

  2. Official
    Communications:

    Verification
    against
    official
    press
    releases
    on
    Ripple
    and
    RippleX
    websites
    is
    crucial.

  3. Compliance
    with
    XRPL
    Standards:

    Checking
    if
    the
    stablecoin
    adheres
    to
    the
    best
    practices
    as
    outlined
    on
    xrpl.org,
    including
    the
    management
    of
    issuer’s
    wallets.

  4. Authorization
    Requirements:

    Genuine
    RLUSD
    issuing
    accounts
    are
    expected
    to
    implement
    “Require
    Auth”
    settings
    to
    establish
    authorized
    trust
    lines,
    aligning
    with
    regulatory
    standards.

  5. Multi-Signature
    Security:

    A
    legitimate
    issuing
    account
    would
    likely
    be
    secured
    through
    a
    multi-signature
    setup.

Wietse
Wind,
founder
of
XRPL
Labs,
also

voiced
concerns
over
the
deceptive
tokens.
“I’m
seeing
the
first
screenshots
from
people
believing
RLUSD
has
already
been
issued
on
the
XRP
Ledger.
It
has
NOT
been
issued.
These
are
fake
tokens
issued
by
scammers
trying
to
sell
worthless

assets
on
the
DEX
or
through
AMM.
Do
not
engage,”
he
advised
via
X.

Adding
to
the
commentary,
Mayukha
Vadari,
Senior
Software
Engineer
at
RippleX,

confirmed,
“Ripple
has
yet
to
launch
its
RLUSD
stablecoin.”
Addressing
the
critique
of
the
company’s

early
announcements
about
the
stablecoin,
Vadari
noted,
“IMO
you
have
to
balance
it
out
with
telling
people
what
to
expect

you’ll
have
the
scam
risk
regardless,
even
post-launch,
or
pre-announcement
with
guesses
of
what
the
ticker
will
be.”

Further
warnings
were
issued
by
Vet,
the
operator
of
the
XRP
Ledger
dUNL.
He
emphasized
the
importance
of
vigilance,
stating
on
X,
“Scammers
are
taking
advantage
of
you
if
you
don’t
stay
vigilant.”
Vet
also
reminded
users
that
only
the
issuer
account
is
unique
and
to
verify
that
the
product
is
directly
offered
by
Ripple
to
avoid
scams.

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At
press
time,
XRP
traded
at
$0.50.

XRP
price,
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chart
|
Source:

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Featured
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Author: Jake Simmons


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