A new XRP scam involving an email distribution posing as Ripple is making its way across the cryptocurrency community.
Unlike most scams that are riddled with spelling errors and offers that seem far too good to be true, this latest phony attempt to steal people’s crypto appears to be highly believable.
Ripple Investor’s Rough Ride Over the Last Few Years of Crypto Winter
Not even Ripple’s annual Swell conference was able to cause prices to surge. The asset broke out from downtrend resistance after over two years of a bear market, only to be rejected right back into it on Black Thursday 2020.
XRP investors have become increasingly frustrated with both the altcoin, the community itself, and the executives at Ripple who are at the helm of the cross-border payments project.
Related Reading | Crippled: XRP Prints Fresh Low After Nearly a Year of Consolidation
To fund operations, Ripple executives have been selling down each attempt at a rally. Crypto investors clamored for this to stop, and Ripple pledged to slow this down to allow for a recovery in the asset.
Sentiment became so low, Ripple really had no choice or risked alienating their entire userbase.
XRP is one of the most disliked coins in the space for this reason and is often labeled as a scam project by the most die-hard crypto evangelists.
But the asset is no scam. It’s the number three cryptocurrency by market cap behind only Bitcoin and Ethereum. However, its investors are definitely being exposed to a scam in another way.
— ecossexrp1 Ⓥ (@ecossexrp1) May 21, 2020
Public Service Announcement: New XRP Scam Reaching Email Inboxes
In some screenshots shared on Crypto Twitter, a new cryptocurrency scam involving XRP and Ripple is making its way across the space.
The email proposes an “economic rebound for the XRP community.” The email claims to be distributing over 2 billion tokens, so long as a portion of XRP is sent to a whitelisted address that they claim is owned by Ripple.
Related Reading | Ripple Poised to Triple By Q4 2020 After Altcoin Forms Classic Bottom
The scam may seem obvious to some, but investors in the altcoin who have suffered through two years of lower prices and Ripple executives keeping prices at bay, may take the bait.
The email comes complete with the Ripple logo, an XRP address to whitelist, and instructions on how to do so. But following the instructions will lead to a complete loss of your crypto, so whatever you do, do not fall for this new fake email going around the crypto market.