Wall Street Logic
  • Home
  • Metals and Mining
  • Crypto
  • Alternative Investments
  • Financial Literacy
  • AI
  • Featured Companies
    • Apollo Silver Corp.
    • Spirit Blockchain Capital Corp.
    • West Point Gold Corp.
No Result
View All Result
Wall Street Logic
  • Home
  • Metals and Mining
  • Crypto
  • Alternative Investments
  • Financial Literacy
  • AI
  • Featured Companies
    • Apollo Silver Corp.
    • Spirit Blockchain Capital Corp.
    • West Point Gold Corp.
No Result
View All Result
Wall Street Logic
No Result
View All Result

Beware of Fake Ripple Stablecoin Scam: Protecting XRPL Users from Fraud

Wall Street Logic by Wall Street Logic
June 18, 2024
in Crypto
Reading Time: 2 mins read
Beware of Fake Ripple Stablecoin Scam: Protecting XRPL Users from Fraud
1
SHARES
22
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

The Truth About Ripple’s RLUSD Stablecoin: Avoiding Scams and Staying Safe

In the ever-evolving world of cryptocurrency, scammers are always looking for ways to take advantage of the latest trends. Recently, there has been a surge in fraudulent activities surrounding Ripple’s anticipated stablecoin launch, specifically the counterfeit Ripple USD (RLUSD) token circulating on the XRP Ledger (XRPL). This deceptive behavior comes ahead of the official RLUSD release, which aims to compete with established stablecoin giants like Tether and Circle. Ripple President Monica Long has hinted at a possible launch date later in 2024, following the initial announcement made in April of this year.

You might also like

Tether’s Digital Dollar Dominance: How USDT Revolutionized Crypto Trading and Online Gaming

Trump Administration Unveils Comprehensive Roadmap for America’s Cryptocurrency “Golden Age”

Testing the Waters: Can Cryptocurrency Markets Drive U.S. Dollar and Treasury Demand?

Don’t Fall for the Fake RLUSD Tokens

Members of the XRP community, such as Krippenreiter, have sounded the alarm about the counterfeit RLUSD tokens being circulated. It is crucial for users to be vigilant and avoid falling victim to these scams. To authenticate genuine RLUSD tokens on the XRPL, Krippenreiter has listed several verification methods:

  1. Account Ancestry: Verify the issuer’s “r-address” using XRPL-based explorers to trace its origins back to early Ripple accounts.
  2. Official Communications: Cross-check any token issuances with official press releases on Ripple and RippleX websites.
  3. Compliance Check: Ensure that the stablecoin follows XRPL best practices, including proper wallet management by the issuer.
  4. Authorization Protocols: Legitimate RLUSD issuing accounts should have “Require Auth” settings for authorized trust lines, aligning with regulatory standards.
  5. Multi-Signature Security: Look for multi-signature setups on genuine issuing accounts for added security.

Wietse Wind, the founder of XRPL Labs, has also cautioned against engaging with fake RLUSD tokens, emphasizing the importance of avoiding scams on the XRPL. Similarly, Mayukha Vadari, a Senior Software Engineer at RippleX, clarified that the official RLUSD stablecoin has not been launched yet, urging users to stay cautious amidst the deceptive tactics employed by scammers.

Vet, the operator of the XRP Ledger dUNL, reiterated the need for vigilance, highlighting the uniqueness of the issuer account as a key indicator of legitimacy. To steer clear of scams, users should verify that the product is directly offered by Ripple.

As of now, XRP is trading at $0.50, and it is essential for users to remain wary of fraudulent activities while awaiting the official launch of the RLUSD stablecoin.

XRP price, 1-week chart | Source: XRPUSD on TradingView.com

Stay informed and stay safe in the crypto world. Featured image created with DALL·E, chart from TradingView.com.

Tags: BewareFakeFraudProtectingRippleScamStablecoinUsersXRPL
ShareTweetShare

Recommended For You

Tether’s Digital Dollar Dominance: How USDT Revolutionized Crypto Trading and Online Gaming

by Wall Street Logic
August 6, 2025
17
Tether’s Digital Dollar Dominance: How USDT Revolutionized Crypto Trading and Online Gaming

The cryptocurrency landscape has witnessed remarkable transformations since Bitcoin's inception, but few developments have been as fundamentally game-changing as the rise of stablecoins. Among these digital dollar alternatives,...

Read moreDetails

Trump Administration Unveils Comprehensive Roadmap for America’s Cryptocurrency “Golden Age”

by Wall Street Logic
July 30, 2025
19
Trump Administration Unveils Comprehensive Roadmap for America’s Cryptocurrency “Golden Age”

The Trump administration has launched an ambitious initiative to fundamentally transform the United States into the global epicenter of cryptocurrency innovation, releasing a comprehensive 160-page report that outlines...

Read moreDetails

Testing the Waters: Can Cryptocurrency Markets Drive U.S. Dollar and Treasury Demand?

by Wall Street Logic
July 22, 2025
21
Testing the Waters: Can Cryptocurrency Markets Drive U.S. Dollar and Treasury Demand?

The financial markets are embarking on an unprecedented experiment that could fundamentally reshape our understanding of how digital assets interact with traditional monetary systems. President Donald Trump's recent...

Read moreDetails

House Freedom Caucus Derails Crypto Week with Procedural Revolt

by Wall Street Logic
July 15, 2025
28
House Freedom Caucus Derails Crypto Week with Procedural Revolt

A dramatic political confrontation unfolded on the House floor Tuesday afternoon when hardline conservative Republicans effectively sabotaged what was supposed to be a triumphant week for cryptocurrency legislation....

Read moreDetails

Trump’s Crypto Ventures Face Congressional Scrutiny as Digital Asset Legislation Advances

by Wall Street Logic
July 8, 2025
38
Trump’s Crypto Ventures Face Congressional Scrutiny as Digital Asset Legislation Advances

The intersection of cryptocurrency legislation and presidential business interests has created a contentious political battleground in Washington, as digital asset bills advance through Congress while President Donald Trump's...

Read moreDetails
Next Post
Mastering Prompt Engineering: Essential Tips for Success

Mastering Prompt Engineering: Essential Tips for Success

Browse by Category

  • AI
  • Alternative Investments
  • Crypto
  • Featured Companies
  • Financial Literacy
  • Metals and Mining
  • Uncategorized

CATEGORIES

  • Metals and Mining
  • Crypto
  • Alternative Investments
  • Financial Literacy
  • AI

Recent Posts

  • Tether’s Digital Dollar Dominance: How USDT Revolutionized Crypto Trading and Online Gaming
  • Gold’s Strategic Renaissance: Navigating Federal Reserve Policy and Market Uncertainty in 2025
  • The AI Revolution in Crypto Trading: How Gen Z is Transforming Digital Asset Investment
  • When Silver Meets Silicon: The Trillion-Dollar Convergence of Aging and Technology
  • Home
  • Blog
  • About Us
  • Privacy Policy
  • Terms & Conditions

© 2024 Wallstreetlogic.com - All rights reserved.

No Result
View All Result
  • Home
  • Metals and Mining
  • Crypto
  • Alternative Investments
  • Financial Literacy
  • AI
  • Featured Companies
    • Apollo Silver Corp.
    • Spirit Blockchain Capital Corp.
    • West Point Gold Corp.

© 2024 Wallstreetlogic.com - All rights reserved.