Fake Ripple Stablecoin Scam
Scammers are taking advantage of the hype surrounding Ripple’s upcoming stablecoin, RLUSD. They’re circulating fake RLUSD tokens on the XRP Ledger (XRPL).
Real RLUSD Not Yet Released
Ripple has not yet launched the official RLUSD. It’s expected to come out later in 2024.
How to Spot Fake RLUSD Tokens
- Account Ancestry: Check the issuer’s address on an XRPL explorer to see if it’s linked to early Ripple accounts.
- Official Communications: Verify the token against official press releases from Ripple and RippleX.
- XRPL Standards: Ensure the stablecoin follows best practices outlined on xrpl.org, including issuer wallet management.
- Authorization Requirements: Genuine RLUSD issuing accounts will require authorization for trust lines.
- Multi-Signature Security: Legitimate issuing accounts should have multi-signature security.
Don’t Fall for Scams
Experts warn that scammers are trying to sell fake RLUSD tokens on exchanges and through automated market makers (AMMs). Do not engage with these tokens.
Ripple’s Response
Ripple confirms that RLUSD has not been launched. They acknowledge the risk of scams but believe it’s important to inform users about upcoming products.
Stay Vigilant
Scammers will take advantage of any opportunity. Stay vigilant and verify the authenticity of any RLUSD tokens you encounter. Remember, only the issuer account is unique. Verify that the product is directly offered by Ripple to avoid scams.
