XRP scams continue to target unsuspecting users and the latest to fall victim is well-known Spanish vocalist Bertín Osborne whose official Twitter account was hacked to promote a fake giveaway.
In order to deceive gullible social media users, scammers began tweeting a number of XRP-related tweets while posing as Ripple CEO Brad Garlinghouse.
Social media platforms will be responsible for more than half of all cryptocurrency-related frauds in 2021, according to the US Federal Trade Commission. This is because social media and cryptocurrencies are a “combustible combination for scams.”
Tricksters frequently use social media platforms like Twitter to target their victims by advertising false contests or disseminating phishing URLs that can steal user data or even empty their Bitcoin hot wallet.
On July 3, hackers obtained access to the British Army’s official Twitter, Facebook, and YouTube accounts. For more than four hours, they promoted cryptocurrency and fraudulent non-fungible token [NFT] collecting schemes, before access was restored.
XRP Scams Flood Social Media Platforms
As TronWeekly has reported, a similar XRP giveaway fraud was advertised on the official Twitter account of the Indian embassy in Oman last month. It took the social networking platform several hours to fix the problem.
The deceptive advertisement included a picture of Ripple CEO Brad Garlinghouse with the text “Big Event Hurry up!” and a link that would fool people into giving their cryptocurrency.
Some bigger digital asset platforms have come forward to address the malice.
The co-founder and CEO of OpenSea, Devin Finzer, announced a few months ago that the non-fungible token [NFT] market would increase its efforts to prevent fraud, scams, and plagiarism.
Even while OpenSea’s terms forbid fraud, theft of intellectual property [IP], and plagiarism, “at our scale, robust procedures aren’t enough,” Finzer noted in a blog post.
The platform has so far created systems to prevent most illegal activities, such as a new login system, an image scanning “copy mint prevention system,” and improved search functionality to help users locate reliable content.