After fighting the U.S. Securities and Exchange Commission (SEC) for two years, Ripple Labs just won a major victory in court. The Ripple ecosystem’s native cryptocurrency, XRP, was ruled not to be a security by the United States District Court for the Southern District of New York. The Ripple community has responded with increased vigor to this historic decision, driving up the price of XRP.
A tremendous rise occurred in XRP after the court verdict on July 13, with its market price increasing by an astounding 70%. The token’s value increased from $0.47 to $0.82 in a single day, the largest one-day increase in the last year. After being buried by regulatory uncertainty, the Ripple ecosystem has seen renewed interest and hope because to this rapid uptick.
However, as the hype surrounding XRP intensifies, Ripple’s Chief Technology Officer, David Schwartz, took to Twitter to caution investors against scammers seeking to exploit the situation. Schwartz warned that numerous fraudsters are capitalizing on the recent positive news to deceive and defraud unsuspecting individuals. He specifically highlighted the absence of any associated airdrops, giveaways, or special offers connected to the court ruling.
Because of Ripple’s growing community, fraudsters often pose as the company’s website to spread news of fraudulent giveaways and airdrops. Their goal is to steal digital assets or drain existing tokens from crypto wallets belonging to unwary victims by breaking into such wallets without their knowledge.
Back in April of 2023, YouTube was instrumental in the comeback of a channel with 2.4 million subscribers. Hackers used the DidYouKnowGaming channel to spread fake XRP investment plans after gaining access to the account. YouTube quickly stepped in to help, and DidYouKnowGaming was able to reclaim their account and retrieve the lost recordings. How exactly the cybercriminals gained access to YouTube accounts is still a mystery.
