The whole XRP and the larger crypto community are up in arms against an unknown entity that wants to take what’s not theirs. Apparently, this rogue entity has plagiarized XRP’s name as well as Ripple’s logo to circulate a suspicious crypto token that it calls ‘XRP Classic’ (XRPC). However, it’s easy to spot the fake XRP since its logo is in Orange as opposed to the original’s Blue.
The crypto’s website xrpclassic.io doesn’t show any members or official management and its location can be traced to somewhere in Bangladesh. As of this moment, Ripple is yet to put out a statement about the issue.
Support By CoinMarketCap
What’s even more suspicious about this whole thing is the apparent support that it’s drawing from CoinMarketCap, a very popular crypto and exchange data listing platform that should be ethical and trustworthy. However, despite being listed on CoinMarketCap, the XRP Classic token doesn’t show up in the search, and that’s not something to inspire confidence in its authenticity.
A look at its data page on the platform reveals almost nothing about the cryptocurrency. Apparently, XRP Classic has a daily trading volume of about $526 and a total token supply of 645,354,324,324 XRPC. The circulating supply and its total market cap remain unknown. The crypto’s current price per token is shown as $0.000001. In essence, there’s just not enough information to prove that this cryptocurrency is even real. As a matter of fact, the XRP community has already labeled XRPC a scam.
Besides being listed on CoinMarketCap, the now unpopular crypto has also been listed on a handful of crypto exchanges. What’s even more bothering is the fact that exchanges can just list a crypto token that’s clearly a scam.
In its white paper, XRPC claims to offer a credible platform for freelancers to link up and work with buyers without the need to involve middlemen. The coin has been largely termed as a scam both on Reddit and Twitter.
Slamming the seemingly fake XRPC on Reddit and Twitter, people have expressed mixed feelings on how such issues should be handled. While some feel that the crypto space needs regulation to stem such incidents, another section is totally against such regulation as it would erode the benefits gained from decentralization. In that case, they say that the best way to deal with the scam is to warn people about it.