Fake Token Allocation Project Scams Target XRP Community to Steal Their Funds

The hardware wallet solution provider Ledger has recently reported that scammers are making great efforts to target the XRP community. The platform shared on Twitter that the scams are being carried out by bad actors across the crypto industry to take swindle the unsuspected people in the community of the well-known crypto exchange Ripple.

Scams Comprising Fake Token Allocation Projects Storm XRP Community to Take Away Funds

On its official Twitter page entitled “@ledger_Support,” Ledger mentioned that several scam-based token allocation projects are being offered by malicious parties who intend to take away the hard-earned funds of the XRP community. As per the platform, the consumers should be more careful in the future.

Apart from that, it was reported 3 days back that the scammers aimed at the popular YouTube channel named “DidYouKnowGaming”. As a result of this, the channel declared that it has been deprived of its access to the account thereof. It is noteworthy that XRP hackers targeted the respective channel for the promotion of the scam. On this, the administrators of the channel demanded help for reclaiming ownership of the gaming channel.

While reporting the respective event on the Twitter page, the channel stated that its team was unable to access the YouTube account. Nonetheless, the team asserted that it was endeavouring to get back its access. In addition to this, they also requested experts to support them in such situations. The reports from the customers pointed out that the malicious actors accessed the Google account of the channel and modified its title to Ripple.

Moreover, the hackers additionally utilized the log of Ripple to trick the innocent followers into being their victims. There were nearly 2.4M subscribers of the channel and such a huge audience denoted a feasible basis for the scammer. Luckily, the team was cautioned by the viewers while the ambiguous content was shared on the subscription feeds. One of the users requested YouTube to intervene and restore the gaming channel.

YouTube Intervene to Restore Ripple’s Account From Hackers

As a consequence, the rapid intervention of YouTube played a significant role in ensuring damage control. The platform prevented the hackers from communicating with the subscribers of the channel. Nonetheless, the latest scamming events dealing with fake token allocation projects are raising concerns among Ripple consumers.

In this case, Ledger has advised the consumers to avoid any claims regarding token allocation as they can offer the control of the XRP accounts in the possession of the users into the hands of unauthorized people. Furthermore, the platform also advised the users not to provide their recovery phrase to anyone even the Ledger employees as those who demand it are scammers.