A new scam is spreading on X (Twitter), falsely claiming that Ripple will launch a reward program worth 100 million XRP.
The scam comes just hours after XRP's price reached its all-time high (ATH), driven by broader market optimism, increasing investor interest, and a rise in new addresses.
Deepfake fraud schemes explode to all-time high levels for Ripple's currency
The AI-generated video features a digitally altered version of Ripple CEO Brad Garlinghouse. In the video, Garlinghouse thanks the XRP community for their support during Ripple's years-long legal battle with the SEC, falsely announcing a celebratory airdrop.
Four years ago, we fought a battle we did not choose. But we fought and triumphed over the SEC... I will launch Ripple's rewards program. An airdrop fund of 100 million XRP has been created for you, this is what the altered video claims.
Online fraud has spread, exploiting the enthusiasm following XRP's price surge to a new all-time high on Thursday, driven by increasing investor interest and a rise in new trading addresses. Fraudsters are also seeking to exploit the conclusion of Ripple's case against the U.S. Securities and Exchange Commission, a move that network executives are well aware of.
Looking back, Ripple faced a sharp rise in social media fraud after every major court case. In August 2024, scammers promoted fake XRP distribution after Judge Analisa Torres ordered Ripple to pay fines of only 125 million dollars.
This was much lower than the SEC's initial demand of two billion dollars. Similarly, following the 2023 ruling that XRP is not a security, deepfake fraud and phishing attacks targeting Ripple investors have also increased:
Many scammers exploit the recent good news to attempt to deceive and steal. There are no airdrops or gifts or special offers associated with this glitch, as David Schwartz warned at the time.
Schwartz took to social media to reveal the latest scam, where Ripple's CTO posted a warning on X (Twitter).
Despite the malicious actions taken by bad actors, analysts remain optimistic about the rise in Ripple's price. On-chain metrics indicate that XRP still has potential for further gains. However, as excitement grows, fraudulent activity increases.
In this context, Ripple has continually reminded users that the company and its executives will never initiate gifting tokens, request personal details, or ask for financial transfers.