Type to search

Bitcoin blockchain industry cryptocurrency News Ripple

40% of Ripple’s XRP Transactions are Fraudulent

Share
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.

Read actual crypto news here every day

Join Bitxmi Exchange and get $10 worth of BXMI token after your first trade

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

Leave a Comment

Your email address will not be published. Required fields are marked *

bitcoin
Bitcoin (BTC) $ 11,739.18 2.30%
ethereum
Ethereum (ETH) $ 424.73 9.41%
ripple
XRP (XRP) $ 0.293408 5.90%
tether
Tether (USDT) $ 1.00 0.16%
chainlink
ChainLink (LINK) $ 17.08 0.94%
bitcoin-cash
Bitcoin Cash (BCH) $ 293.37 5.42%
cardano
Cardano (ADA) $ 0.139377 1.64%
bitcoin-cash-sv
Bitcoin SV (BSV) $ 212.27 5.10%
litecoin
Litecoin (LTC) $ 56.50 5.43%
binancecoin
Binance Coin (BNB) $ 21.48 2.11%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.162561 1.69%
tezos
Tezos (XTZ) $ 4.13 1.65%
eos
EOS (EOS) $ 3.12 4.41%
stellar
Stellar (XLM) $ 0.105381 6.56%
tron
TRON (TRX) $ 0.023765 18.58%
monero
Monero (XMR) $ 91.10 3.39%
okb
OKB (OKB) $ 5.60 2.15%
cosmos
Cosmos (ATOM) $ 6.32 10.80%
vechain
VeChain (VET) $ 0.019988 0.30%
leo-token
LEO Token (LEO) $ 1.25 1.50%
usd-coin
USD Coin (USDC) $ 1.00 0.49%
cdai
cDAI (CDAI) $ 0.020767 0.87%
neo
NEO (NEO) $ 15.69 11.28%
huobi-token
Huobi Token (HT) $ 4.62 3.43%
iota
IOTA (MIOTA) $ 0.385303 0.22%
dash
Dash (DASH) $ 91.61 3.56%
zcash
Zcash (ZEC) $ 84.93 6.89%
ethereum-classic
Ethereum Classic (ETC) $ 6.85 2.49%
compound-governance-token
Compound (COMP) $ 206.93 3.73%
maker
Maker (MKR) $ 740.68 7.01%
havven
Synthetix Network Token (SNX) $ 5.67 5.48%
algorand
Algorand (ALGO) $ 0.712655 30.74%
nem
NEM (XEM) $ 0.061303 1.94%
ontology
Ontology (ONT) $ 0.837713 5.26%
ethlend
Aave (LEND) $ 0.415097 6.06%
compound-ether
cETH (CETH) $ 8.51 9.49%
dogecoin
Dogecoin (DOGE) $ 0.003484 2.50%
dai
Dai (DAI) $ 1.01 0.91%
digibyte
DigiByte (DGB) $ 0.031060 0.17%
theta-token
Theta Network (THETA) $ 0.403831 3.67%
basic-attention-token
Basic Attention Token (BAT) $ 0.268064 1.57%
kyber-network
Kyber Network (KNC) $ 1.92 12.20%
uma
UMA (UMA) $ 6.66 12.60%
0x
0x (ZRX) $ 0.469560 6.86%
waves
Waves (WAVES) $ 3.32 22.47%
ftx-token
FTX Token (FTT) $ 3.45 3.82%
qtum
Qtum (QTUM) $ 3.14 15.56%
bittorrent-2
BitTorrent (BTT) $ 0.000476 7.74%
elrond
Elrond (ERD) $ 0.021242 2.39%
band-protocol
Band Protocol (BAND) $ 13.95 0.72%