The cryptocurrency community has raised concerns regarding a new scam that uses a fake staking program to target XRP investors.
Internet scammers are developing phony websites and email lookalikes, pretending to offer staking services for XRP to pass themselves off as well-known cryptocurrency companies like Ripple and Binance.
A blog post on one of these websites, ripple.com-staking.tech, with the heading titled “XRP staking set to debut January 2023 for retail users,” invites users to stake their XRP for increased returns on investment (ROI), ranging from 12% to 27%. By claiming that only the first 10,000 accounts will get a better ROI, the fake scam tries to hasten XRP investors’ decisions.
The fake one replicates the layout, typefaces, and links from the real one to create a convincing imitation of Ripple’s website. The impersonators also attempted to add legitimacy to their posts by emphasizing the importance of using well-known hardware wallets such as Ledger or Trezor for self-custody.
XRP users worldwide are targeted by the scam website’s various mirror sites, such as ripple.org.th or ripple.com.ve.
The fake Binance emails that advertise up to 31% ROI on XRP staking are sent in conjunction with the fraudulent XRP staking website.
On January 21, RipplePandaXRP, a crypto enthusiast, posted on Twitter to alert the XRP community about the scam.
🚨SCAM ALERT🚨#XRPCommunity, take note of this new scam send by “Binance” stating high ROI by staking your #XRP.
DO NOT FALL FOR SUCH SCAM!!!!
Do NOT send your XRP to unknown address and ALWAYS check the address to see if it is a legit site.
STAY SAFE!@cz_binance @binance pic.twitter.com/o6gYcATbUx
— 🐼PandaRippleXRP🐼 (@RipplePandaXRP) January 21, 2023
Decentralized finance (DeFi) staking for XRP is a feature of the Binance Earn program on the genuine Binance exchange. But users can only earn up to 1.4% a year using Binance’s XRP DeFi staking program.
Before making any investments, investors are encouraged to conduct extensive research to confirm the legitimacy of a platform.
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