Ripple CEO Brad Garlinghouse has sounded the alarm on a surge in crypto scams as digital asset markets continue to post strong gains. In a post on X on Wednesday, Garlinghouse noted that scammers are taking advantage of the recent market momentum to impersonate Ripple’s official YouTube account and deceive unsuspecting XRP holders.
Garlinghouse’s warning comes as losses to crypto scams hit a record $2.1 billion in the first half of 2025, surpassing the previous record set in 2022 and nearly equaling the entire losses reported in 2024.
“Like clockwork, with success and market rallies, scammers ramp up their attacks on the crypto community,” he wrote, urging users to remain cautious.
Scams Target Ripple with YouTube Impersonation
Ripple’s official X account explained that bad actors have been hacking legitimate YouTube accounts, altering them to resemble Ripple’s official page, and promoting fake XRP giveaways to lure victims. These scams often promise free XRP to users who send tokens first, a tactic that Ripple firmly denies using.
“Reminder: Ripple or our execs will NEVER ask you to send us XRP,” Ripple emphasized in its statement.
An X user, XtinaRP, highlighted one ongoing scam that used a YouTube account with 176,000 subscribers to advertise a fake “100 million XRP giveaway.” The scam featured videos falsely claiming sponsorship from Ripple, making it appear convincing to viewers. “This one looks very convincing. Scammers are using high-subscriber accounts to promote fake giveaways,” XtinaRP warned.
The official Ripple YouTube channel currently has over 81,000 subscribers, and YouTube has not immediately commented on these developments.
Previous Legal Battle with YouTube
Ripple is no stranger to battling impersonation scams on YouTube. In 2021, the company sued the video-sharing platform, alleging it had profited from scammers impersonating Ripple to defraud users.
The lawsuit was dropped in March of the same year after both parties reached an agreement to collaborate against fraudulent activities on the platform.
Ripple is not the only crypto firm grappling with this issue. Security firm Scam Sniffer reported this week that Google search results for crypto companies often show scam advertisements at the top, directing users to fraudulent sites that impersonate crypto brands.
The warnings from Ripple arrive as XRP trades at $3.19 following a recent surge to $3.66, close to its 2018 high of $3.84. Despite a minor pullback today, analysts predict further upside for XRP.
BlockchainFX is the world’s first crypto exchange connecting traditional finance with blockchain. Join the $BFX presale today and secure your chance for 100x gains!
Join Now