Fraudsters are attempting to profit from Ripple’s stablecoin.
Fake Ripple USD (RLUSD) currency has been spotted on the XRP Ledger, indicating that scammers are already trying to take advantage of the upcoming launch of Ripple’s stablecoin.
XRP Ledger dUNL operator Vette has issued a warning that the official RLUSD stablecoin is not yet available. “If you are not careful, scammers are taking advantage of you,” he posted on the X social media platform.
He added that it is relatively easy for fraudsters to take advantage of unsuspecting customers because the ticker and name on the XRP ledger are not unique. I further added that the issuer account is the only thing that makes a product unique, and it is important to confirm that Ripple is the direct provider of this product.
DLT specialist Krippenreiter advises using any XRPL-based explorer to verify the “R-address” and search for the account’s lineage in order not to fall for such scams. Of course, users are also urged to confirm that a particular stablecoin product is authentic by making sure that there are official news releases from Ripple and RippleX, the company’s development arm.
XRPScan, the premier XRPL investigation tool, has already flagged an issuer of the phony RLUSD stablecoin as a questionable account. It added that the account has already earned a significant amount of XRP from trading the token on the DEX and AMM.
A 2024 launch?
According to U.Today, Ripple President Monica Long recently anticipated that the company’s stablecoin, first revealed in April, would be launched this year.
Earlier this month, the business unveiled the RLUSD ticker at XRPL Apex 2024.
In the crowded stablecoin industry, Ripple seeks to compete with large competitors like Tether and Circle.
