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.
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.
— 🐼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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