Influencers Misled the Crypto Community with Fake US Treasury XRP Wallet News, Sparking Outrage and Widespread Misinformation

Crypto Scam Exposed After Influencers Spread False US Treasury XRP Wallet Claims

A crypto scam has been uncovered after a viral claim about a US Treasury-linked XRP wallet gained traction across social media.

The alleged wallet, believed to be tied to institutions like JPMorgan and Bank of America, was quickly debunked as fraud.

Influencers shared the wallet’s address ‘rfHhX6hA54LBqA3j7r7EnCs6qyaRK2Lyfq’ on 22 January, amplifying the misinformation, which was later traced to a location in the Philippines.

This incident illustrates the risks posed by misinformation in the crypto space, especially when false stories circulate unchecked.

Wallet Linked to Major Institutions, But It’s a Scam

The wallet, initially promoted as a key asset linked to high-profile financial institutions, gained credibility after influencers across platforms like X shared the details.

The claims appeared solid, with the wallet even KYC-verified, adding a layer of legitimacy.

But upon closer inspection using XRPSCAN, an on-chain analysis tool, it became clear that the wallet had no affiliation with the US Treasury and was located in the Philippines instead.

Zach Rynes, community coordinator for Chainlink, criticised the influencers responsible for spreading the claims, calling out the unchecked flow of misinformation in the XRP community.

Crypto Influencers Draw Criticism for Spreading Misinformation

Rynes pointed to previous incidents, such as the 2021 rumour that Bank of America was processing all internal payments via Ripple.

He said,

"In 2021, there was a rumor that the Bank of America was executing all internal payments through Ripple. These types of false claims only harm the community and damage trust.”

The case also called attention to a previous podcast appearance by David Stryzewski, CEO of Sound Planning Group, who spread misinformation claiming Ripple was a Central Bank Digital Currency (CBDC) and incorrectly stated that Ripple was based in Hong Kong.

Surge in Crypto-Related Scams Amid Social Media Growth

This scam is part of a worrying trend of crypto-related frauds increasing alongside the growing popularity of social media platforms, particularly X.

Data from Scam Sniffer revealed a dramatic 87% increase in impersonation accounts in December 2024, with the number of fake accounts climbing from around 160 in November to over 300 per day.

Fraudsters are using a variety of methods to deceive users, including phishing attacks, fake accounts, and impersonation of well-known companies.

In recent cases, accounts like Lenovo India and Yahoo News UK were hijacked to promote fake tokens, resulting in substantial financial losses.

Phishing Operations and Technical Exploits on the Rise

Phishing scams are becoming increasingly sophisticated, with cybercriminals mimicking trusted platforms like Zoom to steal private keys and wallet credentials.

These technical exploits highlight the vulnerabilities in blockchain systems and serve as a stark reminder for users to stay vigilant when interacting with crypto assets online.

Scammers are continuing to exploit gaps in security, and experts are urging the community to be cautious.

The growing prevalence of crypto scams calls for heightened awareness and a more cautious approach to information sharing, as the industry grapples with increasing incidents of fraud.