Scammers are already trying capitalize about the upcoming launch of the Ripple stablecoin, with a fake Ripple USD (RLUSD) token appearing on the XRP Ledger.
Scammers are already trying capitalize about the upcoming launch of the Ripple stablecoin, with a fake Ripple USD (RLUSD) token appearing on the XRP Ledger.
Vet, operator of the XRP Ledger dUNL, warned that the official RLUSD stablecoin is not yet available. “Scammers take advantage of you if you are not alert,” he wrote on social media platform X.
He also warned that the symbol and name are not unique to the XRP Ledger, making it relatively easy for scammers to take advantage of uninitiated users. Vet added that only the issuer account is unique, and one must ensure that Ripple offers this product directly.
Alex DovbnyaTo avoid falling for such scams, DLT expert Krippenreiter recommended checking the “r-address” with the help of any XRPL-based explorer and examining the ancestry of the account. Of course, users have also been advised to ensure that there are official press releases from Ripple and RippleX, the company’s development arm, to ensure that a given stablecoin product is not fake.
Alex DovbnyaXRPScan, the leading XRPL in exploration, has already marked an issuer of the fake RLUSD stablecoin as a suspicious account. He noted that the account had already accumulated a substantial amount of XRP by trading the token on DEX and AMM.
A launch in 2024?
As reported by U.TodayRipple President Monica Long recently predicted that the Ripple stablecoin, which was originally announced in April, would launch this year.
Earlier this month, the company revealed the RLUSD symbol during XRPL Apex 2024.
Ripple aims to compete with such major players as Tether and Circle in the crowded stablecoin space.
