News Scrap

An AI-generated fake video is circulating among crypto traders, in which Ripple’s co-founder is falsely promising to reward up to 150 million XRP cryptocurrency to existing XRP coin holders.

Ripple XRP Coin Scam Video

On 21 Oct 2024, many people saw a video on YouTube showing Ripple co-founder Chris Larsen stating that Ripple would not burn 150 million XRP coins, but instead distribute these tokens to XRP holders.

In the video, the fake Chris Larsen asks XRP holders to visit a website and claim an equal amount of XRP coins as they currently hold.

The Cointelegraph team investigated and found that the circulating video was AI-generated and entirely fake. Additionally, the video was published on an unlisted page, preventing it from showing up in searches. The website suggested by the fake Chris Larsen was also suspicious. This indicates that the channel might be distributing links via email or other private means to avoid detection by YouTube, preventing the video from being removed.

These findings are clear proof that the video was 100% fake and forged. No legitimate information about an XRP coin giveaway has been issued by Ripple or XRP Ledger developers.

Ripple & Legal Hurdles

Since December 2020, San Francisco-based blockchain firm Ripple has been under significant legal pressure due to a lawsuit filed by the United States Securities and Exchange Commission (SEC).

Just a few weeks ago, the US SEC filed an appeal to challenge the court ruling in which Ripple secured a win against the SEC’s claim over the legal nature of the XRP coin.

XRP Price Action

The current trading price of XRP is $0.54, marking a 0.33% increase over the past 24 hours.

Notably, the token’s trade price is down 19% year-to-date (YTD). Over the last 12 months, this cryptocurrency has experienced significant volatility due to the Ripple vs SEC lawsuit.