Scammers Devised a New Scheme to Steal XRP from Holders

cryptonews.ruPublished on 2026-08-05Last updated on 2026-08-05

Abstract

Criminals have created a near-perfect copy of Ripple's official website to deceive investors into surrendering their XRP. The fake platform mimics the real site's design, including its dark blue color scheme, fonts, logo, and a prominent "Buy XRP" button. Upon seeing a screenshot, Ripple's Chief Technology Officer David Schwartz simply posted a GIF labeled "THIS IS A SCAM!" on social media. The fraudsters are specifically targeting long-term "HODLers"—investors who hold XRP for years without selling, even during market downturns. The fake site promises rewards for "those who never sold," using vague hints about bonuses for patience and avoiding speculation to create a false sense of exclusivity and fear of missing out (FOMO). Clicking the "Get Early Access" button and approving the transaction can drain a victim's XRP wallet. This attack relies not on code vulnerabilities but on social engineering, exploiting investor trust. Unlike typical phishing sites that steal seed phrases, this scam requires only a careless authorization click. The article references a past incident where a crypto investor lost 1.2 million XRP (worth ~$3 million at the time) due to a seed phrase mistake and a previous warning from Schwartz about a fake Ripple giveaway of 100 million XRP.

Malefactors created an almost perfect copy of the official Ripple website to trick investors out of their $XRP. The fake platform is designed to look like the real Ripple site: dark blue color, branded fonts, logo, and a "Buy $XRP" button. Upon seeing a screenshot of the new site, Schwartz did not write a lengthy refutation but simply posted a GIF for his social media X followers with the caption "THIS IS A SCAM!".

The scammers decided to play on the loyalty and psychology of so-called hodlers — investors who have been holding $XRP for several years and do not sell their coins even during a crypto market downturn.

The fake website published a promise of a reward for "those who have never sold" and vague hints at bonuses for patience and refraining from market speculation. The fraudsters attempted to create an illusion of exclusivity by offering investors early access to their offer, inducing a sense of missing out.

By clicking the "Get Early Access" button and confirming the transaction, the $XRP balance of a trusting user can be zeroed out. This type of attack exploits not code vulnerabilities, but social engineering, counting on the investor's gullibility. Unlike phishing sites where one has to enter a seed phrase and other confidential data, here it only takes careless authorization and a click to approve the transaction.

Last year, a crypto investor lost 1,209,990 $XRP worth $3 million by making a mistake with his seed phrase. Previously, Schwartz warned about a video where scammers posing as representatives of Ripple promised to give away 100 million $XRP for free.

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Related Questions

QWhat is the main method used by the scammers to steal XRP from holders according to the article?

AThe main method is social engineering through a nearly perfect copy of the official Ripple website, tricking investors into authorizing a transaction that drains their XRP wallet.

QWhat specific group of investors are the scammers primarily targeting in this new scheme?

AThe scammers are primarily targeting 'hodlers'—investors who have held onto their XRP for several years, even during market downturns.

QHow did Ripple's CTO, David Schwartz, warn his followers about the fake website?

ADavid Schwartz warned his followers by posting a GIF on social media platform X with the caption 'THIS IS A SCAM!' instead of writing a lengthy rebuttal.

QWhat is the key difference between this attack and traditional phishing sites mentioned in the article?

AUnlike traditional phishing sites that require entering a seed phrase or other confidential data, this attack only requires an investor to carelessly authorize and click to approve a transaction, which then empties their wallet.

QWhat previous example of a similar scam involving Ripple impersonators does the article mention?

AThe article mentions that David Schwartz had previously warned about a video where scammers, posing as Ripple representatives, promised to give away 100 million XRP for free.

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