- A user named Hector was robbed of 75,000 XRP on January 11, 2023.
- He raised the flag, and community members condemned the act.
- Some members reported similar incidents.
Cons are very common in the crypto industry, owing to the lower literacy regarding the technology, and its complex nature makes it easier for con artists to defraud novice investors. Recently 75,000 XRPs were stolen from a user and were returned after stern action from the community.
John Deaton, a blockchain enthusiast and founder of CryptoLaw, praised the XRP community after the scammer returned the stolen 75,000 XRP to the user.
Saying it to be “The very definition of community.”
Ripple’s CTO, David Schwartz, also communicated his excitement regarding the return of the stolen funds.
The story begins on January 11, 2023, when a user named “Hector” complained that his XRP bag was stolen while updating firmware on a fake Ledger site. Former director of engineering at Ripple, Nik Bougalis, and others responded to the matter on the XRP community. Nik praised the user for raising the red flag to alert fake Ledger websites.
One user named “Tiffany Hayden” picked up great interest in the matter and alerted the community by raising the red flag drawing their attention towards a similar case of a user’s fund being stolen via similar fake ledger websites. She then went on to post the addresses where the fund was transferred.
Another user named “Lisa,” another victim of a similar case, responded to the Tweets and provided the scammer’s address.
Details of the scam started surfacing hours after the post, and the first transfer of 50 XRP was made to the user who provided the address, followed by another 75,000 XRPP, which is evident by Bithomp Explorer.
Although the con artist returned the complete fund, his action sparked a debate about the reasons behind atonement. Some speculate that “maybe he was moved by heartfelt messages seen to him through the Bithomp transaction memo field.”
With ever-increasing attempts to dupe investors and users, they are urged to double-check the website addresses before continuing with the activity. Address book features should also be used; this will help avoid copying addresses from the last transactions, thus curtailing another con.
Users entering the crypto industry should educate themselves regarding the complexity of the technology and build a strong network of trusted community members who can guide them in such events. Ask the experts about minor details, as these small mistakes can cost very dearly.
Keep your majority assets in a physical cold wallet, which has to be connected to a system. This will eliminate the possibility of stealing remotely. However, it comes with the hassle of keeping it safe.
Bifurcation of the portfolio will help a lot; keep smaller amounts in multiple places; that way, even if one place is robbed, you will have the rest of the places to count on.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
