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A new artificial intelligence (AI) scam targets XRP holders, similar to a previous scam by fake Elon Musk. Cryptocurrency users lament the prevalence of fraud within the digital asset community, citing a lack of development. Regulators around the world are stepping up efforts to tackle notorious incidents, rolling out new guidelines and cracking down on bad actors.
AI scam targeting XRP holders
An artificial intelligence video circulating on YouTube features a fake Chris Larsen, co-founder of Ripple Labs. Similar to the incident involving billionaire businessman Elon Musk, the video shows Larsen offering to give away XRP to the community. According to the video, Rippe’s co-founder was made to say that rather than burning 150 million XRP as usual, he plans to give it away to the community.
The crypto community was urged to visit the site to jump on a “historic opportunity” to double their holdings. According to cryptocurrency experts, users can also be targeted through emails with XRP ledger addresses to transfer funds. Funds sent to this address are lost, adding to the growing list of scams targeting the industry this year.
Despite this attempted fraud incident, XRP has been rising over the past 24 hours, and sentiment towards XRP remains high. Following recent corrections by other assets, XRP is trading at $0.5462. It urged users to remain vigilant around social spaces to spot potential AI and phishing scams. Phishing scams have plagued the market and many assets have been lost over the years.
Global sentiment decline
The main impact of cryptocurrency scams is the decline in investor sentiment following the infamous incident. This can lead to lower price appreciation, even in bullish cycles. Now more than ever, the fear of asset loss due to malicious activity must be lowered. Separately, authorities have issued new rules to protect investors, which in many cases have been effective but in some cases restrictive.
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Earlier this year, a fake AI livestream posted on a fake Tesla channel surfaced in which Elon Musk allegedly promised to give away free Bitcoin. “I got a call saying Elon Musk was giving away free Bitcoins on Bitcoin ’24. I created a fake live stream with a voice-over narration and over 70,000 (fake) people watched the live stream. No wonder I’m watching the stream.”
