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40% of Ripple’s XRP Transactions are Fraudulent

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40% of Ripple's XRP transactions are fraudulent

Analysts at Xrplorer.com rated 40% of XRP transactions associated with the activities of one of the fraudulent schemes.

According to analysts, the attackers offer victims to participate in the arbitration scheme to benefit from the difference in the rate of bitcoin on different platforms. To confirm the validity of the arguments, they demonstrate past transactions on real blockchains.

 XRP Transactions

“Your transaction is part of this consolidated Ripple transaction,” – the accompanying message said.

The link leads to a blockchain browser in which the user can detect a transaction with an obligation to transfer a certain amount to BTC. Not understanding the principles of the system, a potential victim may not suspect that anyone can create such obligations. At the same time, possessing real cryptocurrencies is not required to ensure them.

Xrplorer.com estimated at 6300 the number of accounts used to transfer debt obligations. This scheme now accounts for about 40% of all transactions in the XRP network, and their total number has already exceeded 67 million.

The authors also claim that by December 12, 2019, 30 million fictitious Bitcoins were issued, which are actually “created from the air” and do not contain any value. At the same moment, they managed to find only four transactions related to real bitcoins, for a total of 0.245 BTC.

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