How money is stolen from XRP investors – popular and not very popular ways to scam


  • Fraudsters lure investors with fake websites

  • Many fraudulent methods are multi-move

  • Free cheese, still, only in a mousetrap.

International consortium of news organizations developing transparency standards.

Scammers make money at the expense of gullible people. To get their attention, they use all available forms of communication, including mailings. The cybercriminals in the cryptocurrency market did not reinvent the wheel, and went the same way.


The editors of BeInCrypto faced another fraudulent scheme in the digital asset market, which was “built” on the big name of the startup Ripple. We tell how attackers, disguised as representatives of a popular company, deceive members of the crypto community.

Part 1. Akela missed

Recently, one of the BeInCrypto journalists received a letter in the mail, allegedly from representatives of the popular California startup Ripple, whose cryptocurrency is consistently in the top 3 capitalization. The author’s experienced gaze instantly caught on a number of suspicious details that indicate fraud.

It can be assumed that the attackers, during the mailing, “aimed” at gullible newcomers, but this time “Akela missed.”.

In their message, the unknown, posing as Ripple, happily inform the recipient about plans to organize the distribution of 5.6 million XRP tokens (almost $ 3.5 million, at the current rate). With such a generous gesture, the “startup team”, according to the letter, plans to increase the stability of the project’s ecosystem at this unstable time for the economy..

Mailing scammers who try, under the guise of Ripple, to steal investors’ money

To get more information, members of the crypto community are invited to familiarize themselves with the distribution rules on the “official website” of the project. The latter, of course, is not. This is indicated by the modest prefix “so” in his address.

Comparison of the scam site with the original Ripple platform

The rest of the site – its sections, information, font, images and other details – are a copy of the original (with the exception of a few articles that were published by scammers to draw attention to the fake coin distribution). Differences can be difficult to find if you ignore the address bar.

Part 2. How the circuit works

Netizens drew attention to the fact that the scam scheme is aimed at holders of Ledger cryptocurrency wallets. The process of work itself is as follows:

  • Users are prompted to whitelist the address of the cryptocurrency wallet that stores XRP. Its participants will allegedly be able to receive assets during the distribution.
  • Further, in the course of communication with cryptocurrency holders, scammers ask to provide them with a seed phrase, or a private key.
  • The information obtained opens access to the theft of the assets of an unlucky investor for attackers.
How money is stolen from XRP investors - popular and not very popular ways to scam

Recall that at the end of July 2020, the Ledger team talked about the leak of their marketing user base. It is likely that access to this kind of information makes it easier for fraudsters to find potential victims..

Part 3. How else XRP is stolen

A fake site isn’t the only way to steal XRP. Earlier, the network also reported that scammers used the Ledger Live extension for the Chrome browser to gain access to investors’ cryptocurrency. According to analysts, during the work the attackers managed to steal about 1.4 million XRP (almost $ 900 thousand, at the current exchange rate).

There are many other ways to steal cryptocurrency online. For example, the organizers of the PlusToken financial pyramid offered dividend payments to the participants of their project. The moment the scheme began to collapse, the remaining coins went into the shadows. Now, only periodic attempts by scammers to cover their tracks through the movement of stolen XRP remind of their existence.

In some cases, attackers use the capabilities of video hosting and other content platforms to steal user funds..

Read also: Scammers fake Brad Garlinghouse’s account and sell XRP

It is noteworthy that the above methods are also used to steal other cryptocurrencies. For example, in the summer of 2020, unknown persons hacked the Twitter accounts of celebrities in order to get coins from their readers. The scheme looked like this:

  • Fraudsters, on behalf of famous people, announced the organization of the action. Its meaning was as follows: users were offered to send cryptocurrency to a specified wallet, in order to then receive twice as many assets.
  • After gullible readers made a transfer, their funds settled on the wallets of the scammers. No double sums back, of course nobody got.

An example of a fraudulent tweet from Bill Gates’ account, in which he allegedly offers to double the cryptocurrency of users who made a transfer to a specified wallet

Despite the fact that the scheme looks suspicious, many gullible netizens managed to transfer money to scammers..

Summing up

The favorite tool of cybercriminals is still “free cheese”, to which they lure gullible people. To other conclusions:

  • You need to carefully study the addresses of sites, pages on social networks and blogs, before deciding whether to participate in any startup campaign. An easy way to go to the official page is to go to the project’s cryptocurrency card on CoinMarketCap.
  • If you have any suspicions, you can contact the startup representatives. Including, it will not be superfluous to inform them through official sources about episodes of fraud.
  • All information about offers must be carefully checked.

Learn more about cryptocurrency scams from our material.


All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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How money is stolen from XRP investors - popular and not very popular ways to scam


How money is stolen from XRP investors - popular and not so popular ways to scam
How money is stolen from XRP investors - popular and not very popular ways to scam
How money is stolen from XRP investors - popular and not very popular ways to scam

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