Ripple Beware Of Deepfake Fraud And Application For Fake XRP ETF

Ripple CEO Brad Garlinghouse. (Photo; Doc. CoinColik)

JAKARTA - Ripple, the company behind the XRP crypto asset, is facing two major problems related to online fraud. Ripple CEO Brad Garlinghouse recently complained about a video of deepfake fraud on YouTube imitating his voice. Second, there is a fake Exchange Trade-Fund (ETF) application attributed to BlackRock, the world's largest investment company.

Garlinghouse expressed concern at an event on platform X. He said he was a victim of deepfake fraud, a engineered video made using artificial intelligence (AI) to change a person's voice and face. He gave an example of a video manipulating old footage of Ripple's show, adding new words to trick viewers.

The video claims that Ripple is giving XRP gifts to those who send at least 1,000 XRPs. This is a scam aimed at draining crypto assets from careless users.

Furthermore, Garlinghouse criticized YouTube for being less alert in handling fraudulent content, and appealed to the public to be more careful. He also reminded that official information about Ripple can only be obtained from verified accounts.

Another problem Ripple is facing is the fake ETF XRP submission on the state's official Delaware website, where many investment companies were founded. The submission is in the name of BlackRock, and is referred to as "iShares XRP Trust". However, BlackRock denied his involvement in the filing, and stated that it was a misinformation.

News of this false filing had made the price of XRP soar nearly 13%, but then fell back. This shows that the crypto market is still vulnerable to uncertain issues. Ripple itself is struggling to clear its reputation from lawsuits filed by the US Securities and Exchange Commission (SEC), which claims that XRP is an unregistered securities.