Crypto influencers promote fake US treasury XRP wallet
The scam was debunked through on-chain analysis, which revealed the wallet was based in the Philippines.
Several high-profile crypto influencers are facing backlash after amplifying the story of a purported US Treasury XRP wallet, which has now been exposed as a scam. On 22 January, influencers shared the wallet’s details, claiming it was linked to major institutions like JPMorgan and Bank of America. The story gained momentum on social media platforms but was soon debunked through on-chain analysis, which revealed the wallet was based in the Philippines, not the US Treasury.
The fraudulent wallet, identified by the address ‘rfHhX6hA54LBqA3j7r7EnCs6qyaRK2Lyfq’, was even KYC-verified, which added to its legitimacy. Critics within the crypto community have called out influencers for spreading misinformation, citing examples of previous false claims, including one about Ripple being a Central Bank Digital Currency.
This incident highlights the increasing number of crypto-related scams, which have been rising in tandem with the popularity of social media platforms like X. Recent data shows a dramatic spike in impersonation accounts and phishing schemes, with scammers hijacking major company handles and exploiting technical vulnerabilities in blockchain systems.
The rise in crypto scams serves as a stark reminder for users to be cautious and stay vigilant online.
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