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1,543,000 XRP Stolen by Scam Artists on YouTube, 60% of Victims Use Coinbase: Report

1,543,000 XRP Stolen by Scam Artists on YouTube, 60% of Victims Use Coinbase: Report
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Scammers stole 1.543 million XRP through fraudulent YouTube videos, according to ledger tracking company Xrplorer.

company Says 60% of the stolen XRP came from Coinbase users, with 25% from private wallets. However, Binance has been the virtual asset service provider most frequently used to launder stolen assets, and is responsible for laundering 508,000 of the 839,000 XRP that has already been laundered, according to Xrplorer. Cryptocurrency exchange NiceChange ranks second with 273,000 XRP laundered.

The fake videos usually impersonate well-known tech personalities or companies, claiming that users can send a small amount of cryptocurrency to an address to receive more in return.

Xrplorer CEO Thomas Silkjær Says Coinbase and other exchanges have a chance to be proactive and warn users when they try to transfer assets to potentially scam accounts. The company is trying to flag accounts before switching XRP out of the reach of law enforcement authorities.

Ripple sued YouTube in April, alleging that the site’s “willful inaction” was making it easier for fraudsters to steal cryptocurrency.

The lawsuit seeks damages to Ripple’s brand and reputation due to YouTube’s failure to stop fraudsters impersonating the global payments company and its CEO, Brad Garlinghouse.

Later that month, YouTube introduced a new fact-checking system to help US viewers determine whether some videos contained misinformation.

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