Stuart Aldeoty, Chief Legal Officer of Enterprise Blockchain Firm Ripple, recently came up with the Crypto Scam Survival Guide.
Ripple’s top lawyers outlined common cryptocurrency fraud that cryptocurrency market participants must be aware of. These include pig slaughter fraud, pump and dump fraud, fake giveaways, phishing and impersonation.
In his manipulation, Aldeoty also shared six pieces of advice on how cryptocurrency holders can stay safe. He urged them not to share their private keys or recovery phrases. Those who want to protect their holdings shortly should refrain from clicking on significant links or random text. Cryptocurrency owners should do their own research before investing, looking at various details.
As reported by U.Today, Ripple issued a new warning about XRP scams, emphasizing that it would not sort out the giveaways. Scammers often impersonate Ripple CEO Brad Garlinghouse and other Ripple executives to promote fraudulent schemes. Recently, scammers have also begun to rely on AI technologies such as voice cloning to make fake giveaways more plausible.
At the same time, Aldeoty points out that cryptography is inherently risky compared to other online spaces. Less than 1% of US crypto users experience fraud and hacking incidents.
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