Ripple and Binance are being targeted by online fraudsters pretending to provide staking services for XRP. One such portal that has come to light is ripple.com-staking.tech which also includes a blog post titled XRP staking set to debut January 2023 for retail users.
The fraudulent website invites users to stake their XRP tokens with unrealistic returns on investment ranging from 12% to 27%. Market watchers say this is an attempt to rush XRP investors’ decision by stating that the first 10,000 accounts will receive a higher ROI. Moreover, the fake website is a well-crafted copy of Ripple’s website – ripple.com. It has copied the original layout, and fonts and linked some of its previous blog posts as well. The fraudsters added information about the importance of self-custody using major hardware wallets such as Trezor and Ledger in an effort to add more credibility to their website.
There are a lot of mirror domains like ripple.org.th and ripple.com.ve, to target XRP users across the world. The crypto community has alerted users about this scam. RipplePandaXRP urged users not to send their XRP to an unknown address. He advised users to check the address to see whether it was legit. And it should be noted that the actual Binance exchange offers DeFi staking for XRP as part of its Binance Earn program. But this only allows users to earn 1.4% per year.
Furthermore, XRP cannot be staked as it doesn’t run with a proof-of-stake (PoS) system like major PoS cryptocurrencies – Ether. XRP transactions depend on a network of unique nodes that agree on which transactions can be processed in the network.