Wall Street Logic
  • Home
  • Metals and Mining
  • Crypto
  • Alternative Investments
  • Financial Literacy
  • AI
  • Featured Companies
    • Apollo Silver Corp.
    • Global Uranium Corp.
    • HyperBit Technologies Ltd.
    • Lafleur Minerals Inc.
    • Norsemont Mining Corp.
No Result
View All Result
Wall Street Logic
  • Home
  • Metals and Mining
  • Crypto
  • Alternative Investments
  • Financial Literacy
  • AI
  • Featured Companies
    • Apollo Silver Corp.
    • Global Uranium Corp.
    • HyperBit Technologies Ltd.
    • Lafleur Minerals Inc.
    • Norsemont Mining 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

Brazil’s Renewable Energy Surplus Meets Cryptocurrency Mining: A Promising Partnership Taking Shape

Cryptocurrency Market Liquidations Expose Leverage Risks and Volatility Concerns

SEC Approves Generic Crypto ETF Standards: Opening the Floodgates for Digital Asset Investment Products

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

Brazil’s Renewable Energy Surplus Meets Cryptocurrency Mining: A Promising Partnership Taking Shape

by Wall Street Logic
October 1, 2025
26
Brazil’s Renewable Energy Surplus Meets Cryptocurrency Mining: A Promising Partnership Taking Shape

In an unexpected convergence of two seemingly disparate industries, cryptocurrency mining companies are finding a potential home in Brazil, where they could solve a significant problem while building...

Read moreDetails

Cryptocurrency Market Liquidations Expose Leverage Risks and Volatility Concerns

by Wall Street Logic
September 23, 2025
25
Cryptocurrency Market Liquidations Expose Leverage Risks and Volatility Concerns

The cryptocurrency market experienced significant turbulence as more than $1.5 billion in leveraged positions were forcibly liquidated during a selloff that occurred without any apparent fundamental catalyst. This...

Read moreDetails

SEC Approves Generic Crypto ETF Standards: Opening the Floodgates for Digital Asset Investment Products

by Wall Street Logic
September 19, 2025
25
SEC Approves Generic Crypto ETF Standards: Opening the Floodgates for Digital Asset Investment Products

The Securities and Exchange Commission has fundamentally transformed the landscape for cryptocurrency exchange-traded funds through a landmark regulatory decision that could reshape how American investors access digital assets....

Read moreDetails

Cryptocurrency Markets Surge Amid Geopolitical Tensions and U.S. Debt Concerns

by Wall Street Logic
September 9, 2025
35
Cryptocurrency Markets Surge Amid Geopolitical Tensions and U.S. Debt Concerns

The cryptocurrency market has experienced extraordinary growth throughout 2025, with total market capitalization reaching $4 trillion as Bitcoin and other digital assets continue their dramatic price appreciation. This...

Read moreDetails

Trump Family’s Cryptocurrency Venture Creates $5 Billion Paper Wealth Despite Market Volatility

by Wall Street Logic
September 3, 2025
35
Trump Family’s Cryptocurrency Venture Creates  Billion Paper Wealth Despite Market Volatility

The Trump family's latest cryptocurrency venture has generated approximately $5 billion in paper wealth despite experiencing significant price volatility in its first days of trading on public exchanges....

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

  • Brazil’s Renewable Energy Surplus Meets Cryptocurrency Mining: A Promising Partnership Taking Shape
  • Global Uranium Corp. (CSE: GURN | OTC : GURFF)
  • Gold Reaches Historic Heights: Understanding the Forces Behind the Precious Metals Surge
  • Google’s Revolutionary AI Payment Protocol: How Alphabet Is Transforming Digital Commerce and Cryptocurrency
  • 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.
    • Global Uranium Corp.
    • HyperBit Technologies Ltd.
    • Lafleur Minerals Inc.
    • Norsemont Mining Corp.

© 2024 Wallstreetlogic.com - All rights reserved.