XRP scam: Beware of Ripple and Binance usurpers

XRP investors should seriously beware of scammers trying to impersonate Ripple and Binance. The latter use fake staking programs to offer illicit staking services with return on investment. Find out how to avoid this scam.

How Ripple and Binance Spoofers Work

The cryptocurrency community is facing a new theft strategy that specifically targets XRP holders. These use fake staking programs, which are the key to their XRP scam. Indeed, they will impersonate a large crypto structure such as Ripple and Binance. To do this, these scammers create fraudulent websites and email imposters.

The objective is to claim offer you staking services for XRP. To bait you, they put articles showing how XRP staking will start in January 2023. Obviously, the goal is to entice users of this crypto to stake it with unimaginable returns on investment (ROI). These are often between 12 and 17% or even 31% for some.

How to avoid these scams?

To avoid an XRP scam, the first thing is to never send your XRP without having verified that you are really on the official site. Also, note that the real Binance exchange offers decentralized finance (DeFi) staking for this crypto. This is particularly under its Binance Earn program. Moreover, this program only allows users to earn up to 1.4% per year.

On the one hand, know once and for all that XRP does not have the possibility of being staked because it works with proof-of-stake systems. This is also the case for all major cryptos such as Ethereum (ETH). Rather, Ripple (XRP) transactions rely on a network of “single nodes” agreeing only on exchanges that can be transacted within it.

Given this rise in scams targeting Ripple (XRP) and Binance investors, investors are advised to do thorough research before committing to any transaction. This allows them to ensure the legitimacy and reliability of the site with which they wish to work.

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