TechFlow reported on January 22 that, according to Beincrypto, an XRP wallet scam originating from the Philippines has rapidly spread across social media. The scammers fabricated false information claiming that the U.S. Department of the Treasury had launched an XRP wallet, asserting connections between the wallet and major institutions such as U.S. banks and JPMorgan Chase. Despite obvious flaws in the scheme, it was still amplified by several prominent social media accounts.
Zach Rynes, Chainlink's community liaison, exposed through on-chain analysis that the wallet was actually activated by an account from the Philippines. Factors such as Trump's support for a U.S. Bitcoin reserve proposal and the rising price of XRP have added to the deception's plausibility. Since approximately half of TRUMP token holders are new to cryptocurrency, scams targeting novice investors like this one have raised industry concerns about reputational risks.
