Ripple To Eliminate XRP Giveaway Scams

This announcement came after Ripple and Garlinghouse dropped a lawsuit they had filed against YouTube for not monitoring accounts and not protecting users from falling victim to fraudsters running false XRP giveaways. Scammers on YouTube were fooling crypto investors into sharing the details of their digital wallets with them.

XRP is the fourth-largest cryptocurrency in the crypto market, with over $74 billion. One of Ripple’s greatest developments is XRP forensics, which helps to monitor any scamming sites and protect their users from being swindled.

Increase in cryptocurrency scams on social media

As part of the crypto community, we have all witnessed scam cases related to cryptocurrencies and other crypto assets have increased since 2020. Fraudsters are constantly looking for new ways to steal funds held in crypto assets.

As you may have heard, Twitter was hacked in 2020. Bitcoin worth more than $120,000 was stolen from prominent people in the U.S. Ripple users also suffered after fraudulent videos on YouTube were posted to steal funds from digital wallets.

Social media platforms should come up with a solution

One of the most evident things from the past cases of crypto scams is that most hackers use social media. For this reason, social media platforms need to play a critical role in supporting the crypto community and ensuring users are not scammed off their investments.

In my opinion, the decision of Ripple to work together with YouTube was a transformative one because it elaborated the benefits that could come when social media and crypto platforms work together. Having a healthy social media ecosystem for digital asset investors can greatly contribute to the growth of the crypto community.

Social media platforms are better positioned to fight off scammers. They can monitor and detect fraudulent pages and close them to ensure their users will not fall victim. Trust is a critical aspect of crypto because it is the basis that governments and regulators will use to monitor the use, growth, and applicability of crypto in the economy.

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