Ripple CTO David Schwartz recently issued a warning to the XRP community by revealing a scam video impersonating Ripple CEO Brad Garlinghouse via X (formerly Twitter). The video, which appeared to show Garlinghouse explaining his future plans for XRP, was actually a "deepfake" video combining audio and images.
Schwartz immediately responded to the post with a meme image and the caption "Scam Alert." The confirmed video manipulated footage of Garlinghouse's interview to create a sense of trust and used techniques to direct users to fake websites and wallet addresses.
In recent months, this type of fraud scheme impersonating prominent figures in the cryptocurrency industry has been on the rise. As deepfake technology, which manipulates video content to appear real, becomes increasingly sophisticated, it's becoming difficult for users to immediately distinguish the content from fakes. There have also been consistent reports of victims falling victim to this practice, particularly among ordinary investors.
Schwartz emphasized, "Even if the offer comes from someone you know or a company you trust, if they ask for financial information, you should always verify its authenticity." The XRP community must also be more vigilant against fraudulent content.
Ripple recently strengthened its security capabilities by joining Beacon, a real-time cryptocurrency crime response platform from global blockchain security firm TRM Labs. This is part of a joint effort to rapidly respond to on-chain crimes such as scams, hacks, and money laundering.
Meanwhile, this isn't the first time deepfake videos impersonating XRP have surfaced. Last quarter, a similar tactic was used to lure users into receiving fake airdrops by distributing videos disguised as official Ripple accounts. These types of attacks are becoming increasingly stealthy and sophisticated, so investors must remain vigilant.
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