XRP, currently the most talked-about cryptocurrency, has gained popularity for various reasons. One of these reasons is undoubtedly the XRP-friendly decision in the Ripple and SEC lawsuit. The court did not directly classify XRP as a security, and this was announced as a preliminary decision. Of course, the price of XRP skyrocketed as a result, gaining over 70% momentum in the past 24 hours. However, the Ripple CTO has warned investors about a significant risk.
Ripple now appears to have won the lawsuit, and the decision made on July 13 clarified many things. As the XRP storm begins, there will undoubtedly be those who seek to take advantage of it for their own nefarious purposes. The Ripple CTO has warned XRP investors to be cautious.
The CTO emphasized that scammers should be the main concern at the moment. In a statement made by David Schwartz, it was highlighted that many fraudsters may try to exploit this good news. While it was stated that these individuals will particularly act to steal XRP, the CTO underlined that there will be no airdrops, XRP distributions, or special campaigns on behalf of Ripple.
XRP has had a history of being associated with fraud. This is due to both the characteristics of its investor base and the attention it attracts. It is an undeniable fact that a significant portion of XRP investors consists of individuals who are generally disconnected from the industry and only invest based on hearsay. This significantly increases the occurrence of fraud cases.
The warning issued by the Ripple CTO is a clear message that XRP investors should not fall for the aforementioned scams under any circumstances. The official accounts of the Ripple team have been hacked in the past, resulting in millions of dollars’ worth of XRP fraud. Therefore, from now on, even if the CEO himself shares a post, the Ripple team and investors must be extra cautious and approach it with skepticism.
As of now, XRP is trading at $0.78 and continues to rise. This naturally means that scammers’ interest will also increase.