- Ripple CTO exposes deepfake scam exploiting XRP optimism spike.
- No 100 million XRP airdrop exists.
- Scam caused short-term market instability.
Lede: Ripple CTO David Schwartz exposed a deepfake video scam involving a bogus XRP airdrop using CEO Brad Garlinghouse’s likeness, shared on social platform X.
Nut Graph: The revelation highlights the persistent risk of impersonation scams in crypto, causing brief market fluctuations as the community reacted to the fake announcements.
The Deepfake Scam Unveiled
The deepfake video falsely claimed Ripple’s CEO Brad Garlinghouse announced a 100 million XRP airdrop. David Schwartz, CTO of Ripple, identified and reported the video as a scam to protect the community.
Unidentified scammers created the video, leveraging AI to mimic Garlinghouse. Schwartz warned users on X, condemning it as an “AI-generated fake.” Ripple’s leadership acted swiftly against the scam.
Market Impact and Community Response
The bogus announcement briefly surged XRP prices, reflecting investor vulnerability. Despite this spike of around 6-16%, the community’s alertness prevented significant financial losses.
The incident raised awareness of security risks related to impersonation and scams in digital assets. Ripple reiterated that any claim of an airdrop associated with company executives is fraudulent.
Ripple’s Quick Response and Industry Implications
Observers noted that no significant thefts or financial damages occurred as Ripple acted quickly. The event underscored the necessity for heightened vigilance in crypto environments.
Similar impersonation scams have historically impacted the crypto industry, using leaders like Vitalik Buterin and Elon Musk. Ripple and XRP continue to face targeted attacks due to their high-profile legal battles and market presence.
