Ripple, Binance impersonators target XRP holders via fake staking program

Online fraudsters are impersonating large cryptocurrency firms similar Ripple and Binance by creating fake websites and email imposters pretending to supply staking services for XRP.

One specified website, ripple.com-staking.tech, includes a blog station titled “XRP staking acceptable to debut January 2023 for retail users,” inviting users to “stake” their XRP with unrealistic returns connected concern (ROI), ranging from 12% to 27%. The fake strategy attempts to unreserved XRP investors’ determination by stating that lone the archetypal 10,000 accounts volition person a higher ROI.

The fake website provides a well-crafted clone of Ripple’s website, ripple.com, by copying the archetypal layout, and fonts and linking immoderate of its erstwhile blog posts. The impersonators besides attempted to adhd much credibility to their posts by adding accusation astir the value of self-custody utilizing large hardware wallets similar Ledger oregon Trezor.

The scam website has a batch of reflector domains similar ripple.org.th oregon ripple.com.ve, targeting XRP users from each implicit the world.

The cryptocurrency assemblage has raised flags astir a caller scam strategy targeting XRP (XRP) investors done a fake staking program.

A phishing website offering XRP staking services.

The XRP staking website scam is accompanied with imposter emails impersonating Binance and offering up to 31% ROI connected XRP staking. One manufacture enthusiast, RipplePandaXRP, took to Twitter connected Jan. 21 to warn the XRP assemblage astir the scam.

“Do not nonstop your XRP to an chartless code and ever cheque the code to spot if it is simply a legit site,” RipplePandaXRP wrote.

Related: Ripple CEO: XRP suit resolved by June, SEC behaviour ‘embarrassing’

That said, the existent Binance speech really offers decentralized concern (DeFi) staking for XRP arsenic portion of its Binance Earn program. However, Binance’s XRP DeFi staking programme lone allows users to gain up to 1.4% per year.

It’s important to enactment that XRP cannot beryllium staked due to the fact that it doesn’t tally with a proof-of-stake strategy similar large PoS cryptocurrencies specified arsenic Ether (ETH). Instead, XRP transactions trust connected a network of “unique nodes” that hold connected which transactions tin beryllium processed successful the network.

Investors are advised to behaviour thorough probe to guarantee the legitimacy of a level earlier making immoderate investments.