Fake U.S. Treasury wallet dupes crypto community
Crypto influencers are facing backlash for boosting a fraudulent US Treasury XRP wallet, which turned out to be a scam.
On January 22, several major influencer accounts began posting about US Treasury XRP (XRP) wallet. The story quickly snowballed as it gained traction on X through reruns. Influencers either promoted the wallet or questioned its credibility. An on-chain analysis conducted via XRPSCAN revealed that the wallet is based in the Philippines.
https://twitter.com/RippleXrpie/status/1881812207610270097
The so-called US Treasury Wallet, which is connected to major institutions including Bank of America and JPMorgan, is fraudulent. The wallet address ‘rfHhX6hA54LBqA3j7r7EnCs6qyaRK2Lyfq’ is also KYC verified, which further strengthened people’s belief that it could be a legitimate source linked to the US Treasury.
Today, many members of the crypto community are expressing concern. For example, Zach Rynescommunity coordinator Chain linkhas criticized so-called “crypto-influencers” for spreading widespread misinformation in the XRP community.
https://twitter.com/digitalassetbuy/status/1877732130521854047
He also explained that in 2021, a rumor was circulating that Bank of America was doing all internal payments through Ripple. Crypto influencer David Stryzewski, who recently made false claims about XRP being a central bank digital currency or CBDC, shared false information about Ripple in a podcast with former US Senate candidate John E Deaton.
Stryzewski, CEO of Sound Planning Group, also misrepresented reports that Ripple was located in Hong Kong, Rynes said.
Crypto scams on X are on the rise
The proliferation of crypto-related scams has only added to the confusion in the industry. There was an 87% increase in daily identity theft accounts in December 2024, according to Scam sniffer, with numbers rising from an average of 160 in November to more than 300.
Scam methods are also increasing: from phishing schemes to fake accounts, fraudsters are faking deceived users on platforms like X.
Recently, Lenovo India and Yahoo News UK were among the major accounts whose credentials were hacked to promote fraudulent tokens and the losses ran into hundreds of thousands of dollars.
Other sophisticated phishing operations like those imitating Zoom in on domains have removed private keys and wallet credentials, exploiting trust and technical vulnerabilities in the blockchain, making it all the more necessary for users to be on guard.
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