Ripple News: CEO Brad Garlinghouse Issues Grave Warning to XRP Users Amid Growing Scams

The post Ripple News: CEO Brad Garlinghouse Issues Grave Warning to XRP Users Amid Growing Scams appeared first on Coinpedia Fintech News

India’s Supreme Court YouTube channel was hacked on Friday, causing a disruption in its usual livestream of court hearings. Instead of showing the constitutional bench proceedings, the channel showed videos promoting XRP, a cryptocurrency developed by Ripple Labs. One specific video was titled “Brad Garlinghouse Ripple Responds to SEC’s $2 Billion Fine,” but it only featured a blank screen. This comes as the FBI recently reported that Americans lost approximately $5.6 billion to cryptocurrency scams in 2023.

Ripple CEO Brad Garlinghouse immediately took to his X handle and reacted to the news. The CEO expressed disappointment and wrote, Unfort this feels like my annual PSA (and yes, I sound like a broken record): @Ripple and execs will NEVER ask you to send us XRP. It’s pathetic to see scammers prey on & exploit innocent crypto users, and the ease at which social media platforms allow it to happen. Stop, spot, avoid – protect yourself.”

Ripple took legal measures to address the increasing number of scams. In April 2020, Ripple filed a lawsuit against YouTube, claiming the platform did not do enough to stop fraudulent cryptocurrency promotions.  The case was settled in 2021, but Garlinghouse has remained an advocate for stronger safeguards on social media platforms.

This incident marks the first time the court’s YouTube channel, active since 2018 for broadcasting key hearings, has been compromised. The channel has played a crucial role in live-streaming important cases.

Following the breach, the Supreme Court administration has launched a formal investigation. As a precaution, the YouTube channel was disabled to prevent further unauthorized access and the potential spread of misinformation.