XRP Scam Surge on X Questions Elon Musk’s Anti-Fraud Measures

The escalating incidence of scams related to XRP on social media platform X is casting doubt on the efficacy of the measures taken by its proprietor, Elon Musk, to counteract fraudulent operations.

xrp - ripple

In the ever-evolving landscape of X, previously referred to as Twitter, a fresh surge of scams associated with Ripple’s XRP has stirred up a storm among cryptocurrency enthusiasts.

An onslaught of posts, teasing an enticing XRP airdrop, have been multiplying at an alarming rate, leaving users exasperated and questioning the platform’s effectiveness in curbing spammy behavior and malicious activities.

A growing sense of disappointment is palpable among the crypto community on the platform. Many are voicing their concerns and dissatisfaction over the rampant scams.

One such vocal critic is the popular influencer Coach K Crypto (@Coachkcrypto), who has taken to his handle to express his frustration. He questions, “@elonmusk why do I see 10+ of these scam posts every day and yet they aren’t being banned?”

Musk’s Failed Campaign Against Scammers

Even though Elon Musk has stated that X has successfully eliminated a whopping 90% of scams, those involved in the crypto space beg to differ. According to numerous accounts, there is little to no decrease in fraudulent activities, especially those concerning cryptocurrencies.

Musk had earlier proclaimed that “[b]oth quality & quantity of high quality posts…[in the platform had] improved dramatically.” Yet, instances of users being ensnared by scams persist, with some even directly addressing Musk in their grievances.

This wave of discontentment underscores the urgent need for more stringent measures to protect the crypto community from such deceptive practices.

Ripple Catching the Attention of Scam Artists as Interest Grows

The XRP token’s appeal has consistently put Ripple on the radar of scam artists. However, recent months have witnessed a drastic increase in these fraudulent activities, primarily fueled by intensified media attention on Ripple’s legal victories against the U.S. Securities and Exchange Commission and the anticipated celebratory events. This amplified spotlight appears to lure more fraudsters who perceive the buzz around Ripple and XRP as an opportune moment to exploit naive investors.

In this whirlwind of excitement and caution, a significant event looms on the horizon. On September 29, New York City, the metropolis that never slumbers, is set to host a memorable event orchestrated by Ripple’s dynamic CEO, Brad Garlinghouse. A “proper victory party” is in the offing, a celebration to mark a crucial judgement by the Torres court – a verdict that has sent ripples of joy across the crypto landscape.

The groundbreaking ruling declared the secondary sales of Ripple’s renowned cryptocurrency, XRP, are not securities, thereby freeing them from the stringent legal norms typically applied to securities.

This is not merely a party; it’s a testament to a landmark decision that could reshape the future of digital currencies.

h/t u.today

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About Ron Haruni 1070 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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