Ripple’s Top Lawyer Shares Essential Tips to Avoid Crypto Scams

Stuart Alderoty, Ripple’s chief legal officer, has issued a practical guide to help cryptocurrency users avoid common crypto scams. As the crypto space continues to grow, so do the tactics used by scammers to exploit investors. In a recent op-ed, Alderoty outlined several prevalent scam types, including pig butchering scams, pump-and-dump schemes, phishing, fake giveaways, and impersonation frauds.

One of the key warnings is to avoid sharing private keys or recovery phrases under any circumstances. Alderoty also advised against clicking on suspicious links or responding to random messages, which are often used to trick users into handing over sensitive information. He emphasized the importance of doing thorough research before making any investment and encouraged users to independently verify project details before engaging.

Ripple has repeatedly warned the public about XRP-related scams, noting that the company does not run any giveaways. Scammers have increasingly impersonated Ripple executives, including CEO Brad Garlinghouse, to make their fraudulent activities appear legitimate. With advancements in AI, fraudsters are now using voice cloning and other technologies to make scams more convincing.

Despite these threats, Alderoty pointed out that crypto isn’t inherently more dangerous than other online spaces. According to recent data, fewer than 1% of U.S. crypto users have been affected by scams or hacks. Still, awareness and caution remain crucial.

Ripple continues to advocate for investor education and vigilance, as the industry matures and becomes a more integral part of the global financial system. Alderoty’s insights serve as a timely reminder that proactive security measures are key to navigating the evolving digital asset landscape safely.