Just days after it unveiled more details about its upcoming stablecoin, Ripple Labs Inc. has started getting impersonated by scammers for ‘RLUSD’.
Beware of Ripple Stablecoin Scam
For a very long time, Ripple Labs and its executives have remained a soft target for scammers. The first update about the RLUSD impersonation came from X user Krippenreiter. He noted that there are several reposts circulating on social media promoting a fake RLUSD token.
He confirmed that the grifters went as far as creating an AMM Pool that had attracted a few victims. XRPScan, one of the dominant explorers in the Ripple ecosystem confirmed the claims from Krippenreiter.
“We have marked this specific $RLUSD issuer as a suspicious account. The account has already accrued a significant amount of XRP by trading it on the DEX and the AMM,” XRPScan revealed in a post on X.
While most experienced crypto traders might know how to circumvent this scam, new traders may not know. Addressing the latter group of traders, Krippenreiter shared a useful tip. He advised users to check the r-address using any known XRPL-based explorer. If the ancestry of the token is not connected or traceable to Ripple, then it is possibly a scam.
[🧵] There are several reposts circulating that promote the early issuance of RLUSD which is NOT true.
I also found an AMM pool that had already attracted a few victims.
Here are 5 easy checks you can do to ensure the validity and linkage to Ripple. 👇
1⃣) Check the… pic.twitter.com/K4BHYc7Ctd
— Krippenreiter (@krippenreiter) June 17, 2024
He also hinted at confirmation from Ripple and RippleXDev accounts among other useful tips.
The Competition is Yet to Come
Ripple planned to join the stablecoin competition in a bid to bring the competition directly to USDT and USDC among others. While the impersonation game has started as a distraction, it is worth noting that the competition is yet to start.
As a firm with wide plans, Ripple is already positioning ahead of the Ripple stablecoin launch. As reported earlier by Crypto-Vanguard, Ripple Labs is in collaboration with 10 different Central Banks. This collaboration is hinged on the creation of their respective Central Bank Digital Currencies (CBDCs).
Though Ripple has not confirmed the launch timeline for RLUSD, its visible moves show key planning for the stablecoin’s success.
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