Millions on the Move: Ripple Co-founder's XRP Transfers Coincide with Crypto Scam Frenzy
A staggering $175 million worth of XRP, the digital asset powering Ripple's network, was recently moved by co-founder and executive chairman Chris Larsen. This significant transfer between July 17-23 involved 50 million XRP across multiple wallets, some directed to crypto exchanges. Despite these massive outflows, Larsen retains over 2.81 billion XRP, valued at more than $8.4 billion. The timing of these high-value transactions is particularly noteworthy, coinciding with an alarming surge in sophisticated XRP-related scams. Ripple executives have issued urgent warnings, urging extreme caution. CEO Brad Garlinghouse took to X to highlight impersonation and phishing attempts, especially those leveraging YouTube for fake giveaways. These fraudulent schemes often employ deepfake videos and deceitful airdrop promises, luring victims to fake websites to steal wallet credentials and assets. In response, Ripple's official channels have emphatically stated, "Ripple or our execs will NEVER ask you to send us XRP…Stay Vigilant." This critical alert underscores heightened risk during periods of increased market activity and attention around XRP. The warning serves as a crucial reminder for all crypto users to verify sources and be wary of unsolicited offers. As the crypto market sees renewed interest, vigilance against scammers becomes paramount, protecting users from falling prey to insidious plots.
