AI-Generated Fake Video Promises to Reward XRP Coin Holders, But It's a Scam

An AI-generated fake video is circulating among crypto traders, in which Ripple's co-founder is falsely promising to reward up to 150 million XRP cryptocurrency to existing XRP coin holders.

A deepfake video has emerged among crypto traders, showing Ripple co-founder Chris Larsen falsely promising to reward up to 150 million XRP cryptocurrency to existing XRP coin holders.

The video, which appeared on 21 Oct 2024, shows Larsen announcing that Ripple will not burn 150 million XRP coins but will instead distribute the tokens to XRP holders.

In the video, the fake Larsen asks XRP holders to visit a website and claim an equal amount of XRP coins as they currently hold.

However, Cointelegraph can confirm that the circulating video is AI-generated and entirely fake.

The video was published on an unlisted page, preventing it from showing up in searches. The website suggested by the fake Larsen was also suspicious. This indicates that the channel might be distributing links via email or other private means to avoid detection by YouTube, preventing the video from being removed.

These findings are clear proof that the video was 100% deepfake and forged. No legitimate information about an XRP coin giveaway has been issued by Ripple or XRP Ledger developers.

Meanwhile, XRP coin’s legal hurdles continue as the United States Securities and Exchange Commission (SEC) filed an appeal on 19 Oct 2024, to challenge the court ruling in which Ripple secured a win against the SEC’s claim over the legal nature of the XRP coin.

The SEC filed the appeal just a few weeks after a federal judge partially granted summary judgment to Ripple in the XRP lawsuit, a move that favored the blockchain firm.

The SEC had filed a lawsuit against Ripple in December 2020, alleging that the firm had raised over $1.3 billion through an unregistered digital asset securities offering.

The regulator accused Ripple of failing to register the XRP coin offering with the SEC and making false and misleading statements about the cryptocurrency.

In March 2023, a federal judge ruled that XRP coins are not securities under the jurisdiction of the SEC, dealing a blow to the regulator's case.

However, the court also ruled that the SEC could continue to pursue its case against Ripple for allegedly failing to register the XRP coin offering with the SEC.

The SEC has maintained that XRP coins are securities and that the regulator has the authority to pursue its case against Ripple.

In the latest development, the SEC filed an appeal on 19 Oct 2024, to challenge the court ruling that partially favored Ripple in the XRP lawsuit.

The SEC’s appeal comes as the legal battle over the XRP coin continues, with both parties awaiting a final verdict on the legal nature of the cryptocurrency.

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