Fraud is very common in the cryptocurrency market, where there are many stalkers who are waiting for the right moment to pounce on the victims and cause them to lose their money, especially the beginners category that we keep reminding them in the Arab Bitcoin of the need to learn well and be patient before entering real money.

Detect one Locations Which specializes in collecting data and tracking scams about the amount of XRP that fraudsters have access to, which is estimated at 8.5 million XRP units, which is equivalent to more than 1.6 million dollars.

Losing nearly 9 million in less than two years:

The above-mentioned site revealed yesterday on Twitter that XRP holders sent more than six million in 2019 alone.

Read:Bitcoin surges 350% since Warren Buffett described it as ‘rat poison’.

So far, only four months into 2020, XRP users continue to lose nearly 3 million more due to scams.

Do you want to protect users from scams? Could you! In 2019, more than 6M XRP was withdrawn directly from exchanges to free scams. This year, it’s already close to 3M. You can warn users when they opt out using our advisory list. pic.twitter.com/M1TT2cu9c0

– xrplorer.com (@xrplorer) April 23, 2020

xrplorer reveals that XRP users are withdrawing coins and sending them to addresses belonging to the scams’ addresses in order to get the giveaway.

The scammers then quickly get rid of the funds in various major platforms, such as Coinbase and Binance, but Binance is the most popular this year and last year both in getting rid of XRP coins obtained through fraud.

The xrplorer team revealed the following:

According to our data, the XRP accounts associated with these giveaway scams hold at least 5.9 million XRP with many more money laundered every day through exchanges and exchange services.

The most common “airdrops” for scams:

Of course, xrplorer is a relatively new source of data, and its reliability isn’t fully confirmed yet, but it does provide some insight into the ongoing issue, which revolves around fake giveaway scams and free airdrops.

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Scams are not new, but they are becoming more professional. One of the major scams that made headlines recently involved a fake YouTube channel, supposedly belonging to Brad Garlinghouse, CEO of Ripple.

The video contains the real ‘garlinghouse’, but the link in the description carries an ‘airdrop’, where the airdrop offered 50 XRP to those who sent a piece of the coin first.

According to our data, the XRP accounts associated with these scams “giveaways” hold at least 5.9 million XRP with many funds laundered daily through exchange and exchange services.

Read:France tests its own CBDC with 10 months of preparation

– xrplorer.com (@xrplorer) April 21, 2020

Interestingly, YouTube, which was quick to ban crypto content in late 2019, took so long when it was supposed to remove the real hoax even faster.

By the time the video disappeared, it had been viewed by over 14,000 people, and the channel had 342,000 subscribers.

This is not an isolated incident, as similar scams appear all the time, so crypto users should always remain vigilant.

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How do you recognize fraudulent projects in the cryptocurrency world?