Ripple’s CEO, Brad Garlinghouse, has vocally criticized both Elon Musk’s social media platform, X, and YouTube for their inability to tackle the increasing wave of XRP-related scams plaguing online spaces.
The condemnation comes in the aftermath of a highly sophisticated deepfake video scam. This scam utilized an AI-generated replica of Garlinghouse to dupe XRP holders, showcasing a startlingly realistic portrayal of the CEO. The fabricated video featured Garlinghouse promoting an XRP airdrop, enticing holders to double their capital by scanning a QR code—a cunning move that raised serious investor concerns.
The prevalence of scams linked to Ripple and XRP has been an enduring issue, prompting the company to take legal action against YouTube for failing to curb fraudulent content that adequately misrepresents Ripple and its leadership. These scams, often leveraging deepfake technology, have steadily evolved in sophistication, posing substantial risks to unsuspecting investors.
The recent incidents where Garlinghouse’s likeness was convincingly replicated in deepfake videos underscore a troubling escalation in scamming strategies. Ripple’s frustration with YouTube and similar platforms stems from their perceived inaction despite the company’s repeated efforts to combat these deceptive practices.
Ripple’s Legal Officer Criticizes SEC Amidst Heightened Security Concerns
Adding to the industry’s security woes, the official social media account of the U.S. Securities and Exchange Commission (SEC) fell victim to crypto scammers. These scammers posted false news about the approval of spot-based Bitcoin exchange-traded funds by compromising the SEC’s account, reportedly due to a lack of two-factor authentication (2FA).
Ripple’s Chief Legal Officer, Stuart Alderoty, seized this opportunity to critique the SEC, highlighting the agency’s failure to adhere to its own cybersecurity disclosure regulations in the wake of this compromising incident.