In an alarming development within the cryptocurrency community, a deepfake video featuring Ripple CEO Brad Garlinghouse has surfaced on YouTube, duping XRP holders with a classic fraudulent scheme. This video, first noticed by vigilant Reddit users, depicts an AI-generated Garlinghouse inviting participants to a bogus XRP event. The scam promises to double the XRP tokens sent to a specified address, a tactic frequently employed by cybercriminals.
Early Detection and Community Response
The deceptive advertisement first caught the attention of a Reddit forum user around November 25 and December 3. Several other users corroborated this sighting, reporting similar experiences on YouTube and taking the initiative to report the fraudulent content. Despite its unlisted status on YouTube, limiting its direct searchability, the video garnered over 17,000 views. Concerned Redditors have been actively cautioning the community, advising against interacting with the video’s QR code to prevent financial losses.
What’s particularly concerning is Google’s response to this situation. After being alerted to the scam, Google’s Trust and Safety Team, upon review, elected not to remove the advertisement. Their justification was that the content did not breach their policy guidelines, though they did request additional information for further investigation.
Ripple’s response to this incident aligns with its ongoing stance against such fraudulent activities. Ripple’s Chief Technology Officer, David Schwartz, previously issued warnings to investors, particularly following a favorable July court ruling in Ripple’s ongoing legal battle with the Securities and Exchange Commission (SEC). Schwartz emphasized that no giveaways, airdrops, or special offers were linked to the ruling, underscoring Ripple’s effort to distance itself from such deceptive practices.
Safeguarding Against Crypto Scams
This incident underlines the growing sophistication of scams in the digital currency space. Deepfake technology poses a new challenge, making it increasingly difficult for unsuspecting users to identify fraudulent schemes. The cryptocurrency community must remain vigilant, especially when encountering offers that seem too good to be true, such as the promise of doubling one’s investment.
As part of a broader effort to educate and protect crypto users, the industry is focusing on raising awareness about such scams. Experts recommend always verifying the source of any crypto-related offer and refraining from sending digital assets to unknown addresses. The Ripple case serves as a stark reminder of the need for enhanced digital literacy and cautious engagement within the rapidly evolving landscape of cryptocurrencies.