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Ripple insider signals XRP holders as fake airdrop scams surge across XRPL
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The warnings come as XRPL activity, institutional tokenization projects and XRP market interest give fraudsters more narratives to exploit.
Key facts
- The firm noted that open interest recently climbed to $475.4 million, pushing past its 30-day average of $440.7 million
- In the United Kingdom, the government-licensed digital asset exchange Archax is migrating institutional products to the XRPL, including a £3.8 billion fund from asset manager abrdn, targeting $1
- XRP products attracted fresh inflows, but the token’s next breakout attempt may depend on whether Bitcoin holds $80,000 through the next US inflation test
- Data from the digital asset treasury firm Evernorth shows that transaction volume on the ledger grew by 65% over the past 12 months, rising from 43 million to 71 million monthly transactions
Summary
The XRP Ledger (XRPL) is seeing a drastic rise in fraud attempts targeting its users as the network draws more institutional activity, higher transaction volumes, and renewed attention from XRP traders. On May 14, David Schwartz, the former chief technology officer at Ripple, published a public warning regarding the increasing scam efforts targeting the XRPL ecosystem. Schwartz, a highly visible figure within the community, cautioned users that malicious actors are increasingly deploying fake airdrops and impersonation accounts to drain user funds. The XRP Ledger Foundation issued a similar warning, saying that scams targeting the XRP community had increased sharply.