David Schwartz Exposes Ripple CEO's Deepfake Video Promoting XRP Rewards

A new wave of crypto scams is targeting the XRP community, with scammers circulating a deepfake AI video featuring Ripple CEO Brad Garlinghouse. The video falsely claims that the platform is launching an XRP rewards program to celebrate the Ripple lawsuit win. As scammers attempt to lure users with the promise of a fake XRP airdrop, Ripple CTO David Schwartz has stepped in to expose the scam, confirming that the video is AI-generated.

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David Schwartz Exposes Fake XRP Airdrop

Over the last 24 hours, a fraudulent video offering XRP rewards has been rapidly spreading across social media platforms. As the community awaits an imminent Ripple vs SEC case settlement, a positive sentiment has taken over the XRP space. However, scammers are exploiting this optimistic environment and anticipation to defraud unsuspecting individuals.

With a potential bull run on the horizon, the XRP market is already buzzing with optimism. Currently, XRP is valued at $3.62, up by a massive 16% in a day. As CoinGape reported, experts like Black Swan Capitalist co-founder Versan Aljarrah remain optimistic about the XRP potential rally.

Meanwhile, the fake video is capitalizing on this momentum, adding to the hype and increasing the risk of users getting scammed. Warning against this scam, Ripple CTO David Schwartz shared an X post, stating, “Obvious scam is obvious.” He added, “It’s an AI-generated fake.”

Notably, the deepfake video features Garlinghouse promising an XRP rewards program to the Ripple community. He says,

Four years ago, we entered a battle we didn’t choose. But we fought and won against the SEC. This is the victory for justice, innovation, and the future of crypto. We couldn’t have done it without our XRP community. Now, it’s our turn to say thank you. I’m launching Ripple rewards program. 100 million XRP airdrop was created for you.

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Scams Follow Ripple’s Legal Successes

Interestingly, this isn’t the first time scammers have taken advantage of Ripple’s legal wins to deceive the community. Ripple’s past victories in the lawsuit have consistently been followed by scammer activity. Fake news and phishing schemes emerged to capitalize on the community’s optimism. The latest deepfake video is just another example of this pattern. This highlights the need for vigilance and caution within the XRP community.

For instance, in August 2024, Ripple scored a significant win against the SEC when Judge Analisa Torres ordered a $125 million penalty, a far cry from the $2 billion in penalties the SEC had sought. This win was followed by scams promising fake XRP airdrops and giveaways. In response, Ripple warned against the rising scams, noting,

And once again with Wednesday’s historic victory, we’ve seen an uptick in scams. Please beware of scam “Ripple” accounts, fake executive accounts or others promoting “XRP Giveaways” or “XRP Airdrops.” Ripple and its executives will NEVER ask you to send funds anywhere.

Similarly, in July 2023, when Ripple secured a partial victory with the judge’s ruling that XRP is not a security, scammers quickly emerged. Debunking the anticipations of an airdrop, David Schwartz wrote, “A lot of scammers are taking advantage of the recent good news to try to cheat and steal. There are no airdrops, giveaways, or special offers associated with this ruling.”

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