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Scam Alert: Fake Ripple Stablecoin Trying to Fool XRPL Users

Scammers are already trying to capitalize on the upcoming launch of Ripple’s stablecoin, with a fake Ripple USD (RLUSD) token appearing on the XRP Ledger. 

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Vet, operator of the XRP Ledger dUNL, has warned that the official RLUSD stablecoin is not available yet. “Scammers are taking advantage of you if you don’t stay vigilant,” he wrote on the X social media platform. 

He has also warned that the ticker and name are not unique on the XRP Ledger, which is why it is relatively easy for fraudsters to take advantage of uninitiated users. Vet added that only the issuer account is unique, and one should make sure that this product is offered directly by Ripple. 

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In order not to fall for such scams, DLT expert Krippenreiter has recommended checking “r-address” with the help of any XRPL-based explorer and looking through the ancestry of the account. Of course, users have also been advised to make sure that there are official press releases from Ripple and RippleX, the company’s developer arm, to make sure that a certain stablecoin product is not fake. 

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XRPScan, the leading XRPL explored, has already marked an issuer of the fake RLUSD stablecoin as a suspicious account. It noted that the account had already accrued a substantial amount of XRP by trading the token on the DEX and the AMM.

A 2024 launch?

As reported by U.Today, Ripple President Monica Long recently predicted that Ripple’s stablecoin, which was originally announced in April, would be launched this year. 

Earlier this month, the company revealed the RLUSD ticker during XRPL Apex 2024. 

Ripple aims to compete with such major players as Tether and Circle in the crowded stablecoin space. 

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