XRP Investors Lost 8.5 Million Tokens to Giveaway Scams in 2019: Report ByJimmy AkiPRO INVESTOR Updated: 25 April 2020 A forensics site created to fight XRP fraud has announced that its holders have forfeited 8.5 million of the tokens due to bogus airdrops and YouTube-based giveaway scams since 2019. Xplorer, a fraud-tracking platform for XRP, explained in a report that over 3 million people had fallen victim to giveaway scam accounts and bogus airdrop promos. In 2019-2020 more than 8.5M XRP was cashed out from the same scams, through normal exchanges and swap services. For some services, a huge part of the business comes these scams. pic.twitter.com/N0tvnk1aJv — xrplorer.com (@xrplorer) April 23, 2020 In gorier details, the report claimed that more than 6 million XRP was withdrawn directly from exchanges to giveaway scams in 2019 alone. As of this year, however, half that amount has also gone the same way. XRP crypto scams have become so prominent on YouTube that the video platform had to take down a fake YouTube channel using the image of Ripple CEO Brad Garlinghouse. The fake channel used Garlinghouse’s image and video but embedded a fake airdrop link at the description. Xplorer added that funds from these crypto fraud cases ended up on almost all major exchanges. In particular, Binance was used the most in 2019 and 2020. At press time, XRP accounts involved in these “giveaway” scams currently have at least 5.9M XRP. That’s in line with the fact these monies are often laundered every day through these exchange platforms. Fighting XRP Fraud Across Board Xplorer’s revelations were in line with the firm’s mission to create awareness concerning some accounts which have been associated with cryptocurrency scams on the XRP blockchain. The company, which was formerly called XRP Forensics, describes its product as a “community initiative to help prevent and combat fraudulent activity on the XRP ledger.” The firm also has an app, which is in its beta stage, that confirmed that XRP holders withdrew six million tokens in 2019 and sent these to the user’s addresses that have been flagged with giveaway fraud. By the firm’s projections, up to 15 million people will fall for the same scams in 2020, if nothing is done to quell these cybercrimes. In line with its efforts to combat fraud, Xplorer has announced a new feature that will guide XRP traders going forward. As the firm claims, the new product will be able to warn users when they withdraw through “an advisory list.” The list should reduce the chances of XRP users falling for the growing trend of YouTube-based giveaway scams targeting the XRP traders. On its part, XRP maintains that there appears to be a new threat to its holders and traders. The threat, this time, often disguises itself as benign YouTube giveaways and airdrops. Other times, they present themselves as social media handles camouflaging as important community members and famous people. They also use websites, disguising those as their corporate communication channels. XRP claims to be “building tools” to aid victims and to prevent others from becoming the same. With these fraud cases, time is usually an important factor. On most occasions, the victim’s funds are long gone by the time they start finding ways to trace them. Thus, hardly anything can be done by the time they report the issue they have had with an exchange. Through their product, Xplorer is hoping to change that.