Ripple's Chief Technology Officer, David Schwartz, has warned about a new scam targeting the XRP community using a deepfake video.
Scammers Exploit AI to Spread False Information
A recent fraudulent video, widely circulated on social media, shows a realistic but fake version of Brad Garlinghouse. In the video, the CEO allegedly announces a '100 million XRP airdrop' as a gesture of gratitude. However, the video is not genuine and was produced using deepfake technology. David Schwartz confirmed this in a recent post on X, urging the public not to engage with it.
Growing Optimism in the XRP Market Attracts Bad Actors
This scam comes amidst rising optimism within the XRP community. Following recent legal victories and discussions of a possible settlement with the SEC, XRP's price surged to $3.62, representing a 16% increase in just 24 hours, according to CoinMarketCap data. This price movement has fueled speculation of a potential bull run while also providing an opportunity for scammers to exploit the public's enthusiasm for deceptive schemes.
A Repeated Pattern After Legal Wins
This is not the first time Ripple's legal progress has been followed by fraudulent activity. In August 2024, Ripple achieved a significant victory when the court reduced the SEC's proposed penalty from $2 billion to $125 million. Shortly after, multiple fraudulent XRP giveaway schemes emerged online. Ripple responded by warning the public that the company and its executives do not offer airdrops or ask for funds from users.
Ripple continues to warn the public about fraud, especially amid rising interest in XRP following legal victories. The company emphasizes that it will never run promotional campaigns asking users to send funds or claim rewards.
