TL;DR

Ripples CEO joined the official X channel of the company to warn its community about a growing number of scammers impersonating the team with offers that are too good to be true. XRPs price has been booming lately, which could be the reason behind the surging number of frauds. Like clockwork, with success and market rallies, scammers ramp up their attacks on the crypto community PLEASE BEWARE of the latest scam targeting the XRP family on @YouTube and impersonating @Ripple’s official account! We will keep reporting these please do the same.

As… https://t.co/WodO4ZUyW9

The warnings are primarily focused on YouTube, as new channels emerge daily that impersonate the Ripple team and its executives to make lucrative offers.

History has shown that the most typical such scams involve the fraudsters promising to double all funds sent to a particular address, hoping that the victim will fall for a proper impersonation. Needless to say, no one has ever received their funds back, let alone any profits.

The fast development of AI has allowed these bad actors to create even more realistic versions of real people (known as deepfakes). As such, the community needs to be extremely vigilant when seeing such offers. Or, as Garlinghouse put it:

As always, if it sounds too good to be true, it probably is.

This warning comes in a time when the entire cryptocurrency market has gone through the roof, with multiple assets charting new all-time highs. Ripples cross-border token is no exception, as it broke its January 2018 peak of $3.4 and set a new record last week at over $3.6.

Despite retracing slightly since then, its still one of the most popular crypto assets, being third in terms of market cap as its own is well beyond $200 billion.

If you want to check how high XRP can go during this cycle, at least according to ChatGPT, Grok, and Gemini, you can read this article.