Brad Garlinghouse, the CEO of Ripple, exposes a troubling pattern in cryptocurrency frauds and alerts viewers to a phoney YouTube channel that poses as Ripple. making investors more watchful and cautious.

Recently, Ripple CEO Brad Garlinghouse addressed a major worry in the cryptocurrency world on Ripple's official YouTube channel: the rise in sophisticated frauds that target users of XRP.

In a video that was released two weeks ago, Garlinghouse stressed the need for caution against these dishonest practices while emphasising that Ripple would never ask its users to contribute XRP.

He emphasised that people should be on the lookout for scams that promise freebies or double programmes, since these schemes are becoming worryingly common.

Garlinghouse posted a demonstration video demonstrating how serious the problem is, scammers meticulously impersonate key figures within Ripple, including himself.

The demo revealed how these bad actors clone not only the appearance but also the voice and gestures of their targets to gain the trust of unsuspecting victims.

Such scams often promise XRP giveaways valued at significant amounts, ranging from 500 to 1000 XRP tokens, exploiting the market price of the coin, which was reported at $0.5137 at the time of the announcement.

Fake Ripple YouTube Account Perpetrates Scam

In a disturbing turn of events, a counterfeit Ripple YouTube account has emerged as a central player in the propagation of fraudulent activities.

This fake account, boasting an astonishing 768,000 subscribers surpassing the official Ripple channel’s 54,700 subscribers, has been implicated in a widespread scam targeting unsuspecting viewers.

The modus operandi involves livestreaming fabricated events under the guise of Ripple, with one such event running for over 12 hours and amassing over 27,000 live viewers.

What makes this scam particularly insidious is the use of advanced AI technology to create a looped video and audio broadcast, creating the illusion of a legitimate event.

This deceptive tactic has led many viewers to fall victim to the ruse, highlighting the need for increased awareness and vigilance within the cryptocurrency community.

XRP Market Update Amid Scam Concerns

Despite the troubling developments surrounding the scam perpetrated through the fake Ripple YouTube account, the XRP market continues to experience fluctuations.

As of the latest data, XRP’s open interest has seen a notable decline of 3.37%, resulting in a current valuation of $375.6 million.

XRP is currently trading at $0.5137, and its 24-hour trading volume is $943,142,592. Even though XRP has lost 1.42% of its value in the last day, it is still trading in a reasonably stable range, ranging between $0.5267 and $0.5116.

Even with these market swings, investor mood has surely been affected by the hoax, highlighting the necessity of exercising extra caution and attention when navigating the bitcoin space.