XRP Scam News
Crypto users have been left frustrated by the proliferation of XRP-related scams on X, formerly known as Twitter, with posts promising a significant XRP airdrop. Despite Elon Musk’s assurances that the platform has eradicated 90% of scams, multiple reports indicate that fraudulent activity, particularly involving crypto, has hardly diminished.
Musk’s Failed Anti-Scam Efforts
Crypto users are taking to the platform to express their disappointment with Musk’s failed anti-scam efforts, with notable influencer Coach K, crypto at coach crypto posting at Elon Musk: “Why do I see 10 plus of these scam posts every day? And yet they arent being banned”. Musk had previously claimed to have made a dramatic improvement in the platform’s capability to detect and remove malicious actors. However, users continue to fall victim to scams with some tagging Musk in their complaints.
Increased Media Attention
More attention appears to be drawing more bad actors who see the fervor around Ripple and XRP as an opportunity to exploit unsuspecting investors. Ripple has always been a prime target for scammers, but due to the popularity of the XRP token, there has been an uptick in scams due to increased media attention surrounding Ripple’s legal victories and upcoming celebratory events.
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Ripple CEO Brad Garlinghouse Announces NYC Event
Ripple CEO Brad Garlinghouse recently announced a celebratory event in New York City, scheduled for September 29th. The event is supposed to mark a significant legal victory for Ripple over the U.S Securities and Exchange Commission. It is expected to be a major milestone for the company and its supporters.
Magnetic Mag Launches Eccentric Communication Campaign
Magnetic Mag, a cryptocurrency exchange promoting itself as the first DX on XRP Ledger, chose an eccentric way of communication with potential users. Creators of new on-chain wallets for XRP tokens were automatically invited to try the DX and even experiment with the testnet XRP from a free faucet.
XRP Enthusiasts Ask DX to Stop Spamming New Wallets
XRP enthusiasts asked DX to stop spamming new wallets details. The new design of XRPL memo spam targets all creators of new wallets. Spammers retrieve information about newly created wallets directly from XRP Ledger in order to transfer XRP after a new wallet has been activated. The trend was identified by XRP enthusiast Chris Thompson on his ex account.
Magnetic Mag Responds to Accusations
Today, September 9 2023 XRPL memo spam targeting new wallet creation is being distributed by the team of Magnetic Mag, one of the first of fees on XRP Ledger. Its team responded to accusations and stressed that the campaign was launched for educational purposes. They stated, We just want to help new users understand the blockchain and recommend Dex, where you can trade X, SRPL tokens. Our faucet in the Telegram bot is a little training for new users. This is the only way to contact them after all, they may not sit on Twitter and so on.
Us had violated US Securities laws by offering unregistered securities to US investors.
XRP Ledger Protocols and XRPL Nodes Validators
Contributors to XRP Ledger protocols and XRPL nodes validators have expressed their dissatisfaction with the way in which Magnetic is communicating with the XRP community. The Ally Network team has labeled this type of spam as “despicable” and has asked Magnetic to cease sending these messages. Some XRPL activists have even proposed a 1 XRP entry barrier for transactions with a non-empty memo field. Currently, transactions are accompanied by zero XRP transferred. Furthermore, critics have revealed that this campaign has made creating new wallets on the XRP Ledger more difficult for regular users, as well as causing unusual spam messages for the XRP community.
Previous Spam Campaigns
XRP users have started to remember previous spam campaigns. Some of them even discovered presidential election campaign messages in their old on-chain wallets for XRP, as reported by Udotay.
XRP Ledger’s First Native Automated Market Maker AMM XLS 30D
XRP Ledger is close to the public mainnet launch of its first native automated market maker AMM XLS 30D. This game-changing upgrade is on its way to a full-fledged launch right now. Its codebase is open source and has already undergone a third-party security audit.
SEC’s Sealed Motion
On Monday, the United States Securities and Exchange Commission (SEC) made a rather unusual move by filing a sealed motion. A sealed motion is a formal request made by one of the parties involved, such as the prosecution or the defense, to the judge. This request contains information or materials that the party believes are sensitive, confidential, or should not be made public for various reasons. The SEC had sued Binance and its CEO Chan Peng Zhao (CZ) in June over multiple alleged securities violations. The suit alleged that CZ, Binance, and Binance.US had violated US securities laws by offering unregistered securities to US investors.
Binance Token and the SEC
The U.S Securities and Exchange Commission (SEC) has filed a motion to keep the details of its investigation into Binance, the world’s largest cryptocurrency exchange, under wraps. The SEC’s filing, which was made in a New York federal court, seeks to keep the details of the investigation confidential. The filing was made in response to a motion by Binance to unseal the documents related to the SEC’s investigation.
Binance’s Unregistered Securities
The SEC’s investigation is believed to be related to the sale of unregistered securities by Binance. The exchange had offered and sold unregistered securities when they made the BNB token, as well as the stablecoin busd. Binance stablecoin has since lost most of its market share and relevance in the stablecoin market.
SEC’s Rare Move
Former SEC chief of Internet enforcement, John Reed Stark, called the filing a rare move for a civil agency, because filings of such agencies are usually freely accessible and readable by anyone. Reed said, after all, it’s in the public interest to know and understand the use of U.S tax dollars and the U.S SEC wants its messages heard loud and clear to deter future Securities violations.
Two Possible Reasons for the Secret Filing
Reed pointed out two possible reasons for the way the SEC chose to file this motion. Firstly, he explains the details could pertain to possible criminal investigations. The U.S Department of Justice (DOJ) may be undertaking recall that earlier in August, as reported by semaphore and based on information from sources close to the matter, the DOJ was worried about an FTX-style run on Binance in case of an indictment according to Bloomberg. Binance is already being investigated by the DOJ over potential Russian sanctions violations. Stark assumed SEC staff would be very careful not to jeopardize any such actions. The DOJ is undertaking, adding also in connection with its investigation of Binance. USDOJ may be working with confidential informants or whistleblowers, may have wires or other listening devices in place or may even have an active arrest warrant or undercover operation in the works.
Elon Musk and XRP Scam News
The SEC’s investigation into Binance comes amidst the ongoing saga of Elon Musk’s involvement in the XRP scam news. In July, Musk tweeted that he was considering taking Tesla private at $420 per share, which sent the stock soaring. However, the SEC later charged him with fraud, alleging that he made false and misleading statements. The SEC also alleged that Musk had failed to disclose that he had been in discussions with the SEC about the potential for a settlement of the case.
XRP News Today Price Prediction
The news of the SEC’s investigation into Binance has had a negative impact on the price of XRP. The cryptocurrency has been on a downward trend since the news broke, and is currently trading at around $0.25. Analysts are predicting that the price of XRP could continue to fall in the short-term, as investors remain uncertain about the outcome of the SEC’s investigation. However, some analysts are optimistic that the price
Elon Musk and XRP Scam News
Elon Musk has recently been accused of promoting XRP, a cryptocurrency, as a scam. This has caused a stir in the crypto community, with many investors wondering if the accusations are true. While the SEC has yet to make a statement on the matter, some analysts believe that the filing of a secret motion by the SEC could be related to an investigation into potential criminal conduct.
XRP News Today Price Prediction
The current price of XRP is hovering around the local resistance level of 215.40. If the price continues to drop, traders may see a test of the support level of 214.30 cents by the end of tomorrow. The falling volume suggests that neither side has taken control of the market, making sideways trading in the area of 212 to 218 the more likely scenario for the next few days.
From a long-term perspective, the situation looks bearish, as the price is heading towards the support level of 204. However, it is important to note that the SEC’s secret motion could have a significant impact on the price of XRP in the near future.
Elon Musk and XRP
Elon Musk has been in the news recently for his involvement with XRP, a digital asset created by Ripple. The cryptocurrency has been the subject of much speculation, with some claiming that it is a scam. While there is no definitive answer to this question, it is clear that Musk has been vocal in his support of the asset.
XRP Scam News
The rumors of XRP being a scam have been circulating for some time, but recently they have been gaining more traction. This is due to the fact that the asset has been struggling to gain traction in the market, and has been subject to a number of regulatory issues. While it is true that there are some risks associated with investing in XRP, it is important to note that the asset has been gaining some traction in recent months.
XRP News Today
XRP news today is largely focused on the asset’s performance in the market. Recently, the asset has been trading at around $210, which is significantly lower than its all-time high of $3.84. Despite this, the asset has been gaining some traction, with some analysts predicting that it could reach $1 by the end of 2021.
XRP Price Prediction
XRP price predictions vary depending on who you ask. Some analysts believe that the asset could reach $1 by the end of 2021, while others believe that it could reach as high as $10. However, it is important to note that the asset is highly volatile and could experience significant price swings in either direction.
If buyers lose the interim mark of 210 dollars, one can expect a sharp move to the 200 Zone and Below. This could be a sign that the asset is entering a bearish market, and could lead to further losses in the short-term. It is important to keep an eye on the asset and be prepared for any potential price swings.
