Categories: EducationScams

Cryptocurrency Scam Site Warning – RippleBank

Cryptocurrency scam sites are quite easy to come by these days, which is quite problematic. In most cases, these sites target Bitcoin and Ethereum users, due to the sheer popularity of both currencies. However, it now appears there is a scam targeting XRP users. RippleBank looks like a very shady website, and its MLM matrix is not instilling much trust either. Moreover, it has some strange requirements before people can even join the platform.

RippleBank Looks Very Suspicious At Best

Although one may think the RippleBank platform is quite professional, it quickly becomes apparent something is amiss here. The platform is clearly targeting holders of the XRP asset, as it has seen a surge in popularity as of late. Moreover, the XRP value has increased over the past few weeks as well, despite some minor dips. It was only a matter of time until criminals would target XRP users with a sophisticated scam platform.

That is exactly what RippleBank appears to be right now. Users can join up for an account, butt hey need to share some sensitive information. This includes giving the company your email address, phone number, and a password of your choosing. Moreover, users need to pay 0.333 Bitcoin to sign up for RippleBank, which they will not get back by any means. A very unusual requirement, to say the least.

Things only get weirder from here on out. All RippleBank users must make a 1,500 XRP donation as well. In exchange, they will receive 0.7% of their investment per day in return, during which they will reach “Star 6” rating. It appears this MLM scheme runs for a duration of 20 months, albeit it is doubtful the company will still be online by that time. The 1,5000 XRP requirement is used for a “donation package 0.333 BTC Ripple.” It is evident this platform makes no sense whatsoever.

Scrolling down on the main page, it becomes evident how the RippleBank MLM structure works. There are 21 different “floors” of participants, all of which will need to earn money before you will get anything in return. This means RippleBank users will need to recruit a lot of people who also invest in this platform before they will even see any return on their original investment. It can also be done passively, although that will yield even less favorable results.

Anyone with a properly functioning brain can see RippleBank will run off with your money. This company has no legitimate intentions whatsoever, and their business model is rather unclear, despite it clearly being an MLM scheme. No one who invests money into this scheme will earn their money back by any means. It is possible this program will gain some traction over the coming months, which would give the XRP/Ripple ecosystem a very bad name.

What is even more problematic is how there is no company information on the website or within the WHOIS records whatsoever. It is clear RIppleBank has nothing to do with Ripple the company, or the XRP ecosystem for that matter. Trusting this anonymous platform with your money will ultimately result in money being lost, that much is a foregone conclusion at this stage.Stay away from RippleBank, as they have nothing in common with the official Ripple ecosystem.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx
Tags: RippleBankscamXRP

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