Crypto Influencers Face Backlash for Promoting Fake U.S. Treasury XRP Wallet

A recent incident has left the cryptocurrency community reeling, as several prominent crypto influencers inadvertently amplified a fraudulent U.S. Treasury XRP wallet. The wallet, which was revealed to be a scam, had gained significant traction on social media platforms.

The Scam Revealed

On-chain analysis conducted through XRPSCAN revealed that the wallet is based in the Philippines, not the United States. The wallet address, which was connected to major institutions such as Bank of America and JPMorgan, was also KYC verified, further bolstering people’s belief that it might be a legitimate source tied to the United States Treasury.

However, the wallet’s true nature has now been exposed, leaving many within the crypto community voicing their concern. Zach Rynes, community coordinator of Chainlink, criticized so-called “crypto-influencers” for spreading rampant misinformation in the XRP community.

Crypto Scams on the Rise

The proliferation of crypto-related scams has only added to the confusion pervading the industry. According to Scam Sniffer, there was an 87% spike in daily impersonation accounts in December 2024, with numbers rising from an average of 160 in November to more than 300.

Scam methods are also increasing, from phishing schemes to fake accounts, fraudsters are tampering with duped users on platforms like X. Recently, Lenovo India and Yahoo News UK were among the big accounts that had their handles hijacked to promote scam tokens, resulting in losses of hundreds of thousands of dollars.

Tips to Avoid Crypto Scams

To avoid falling prey to crypto scams, follow these tips:

  • Verify the authenticity of information before sharing it.
  • Be cautious of unsolicited messages or emails.
  • Never share your private keys or wallet credentials.
  • Use reputable sources to stay informed about the crypto market.

“The crypto community needs to be more vigilant and critical of the information they share and consume.” – Zach Rynes, Community Coordinator of Chainlink

Stay informed about the latest developments in the world of cryptocurrency and blockchain by following Global Crypto News.

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