- Ripple makes big plans on Asia-Pacific Remittance Market in 2020
- Fake Ripple Insight Page on the loose
Ripple has shown a genuine interest in spreading its reach in the financial and remittance market of the Asia-Pacific (APAC) region. Ripple claims that the region is still an unexploited mine. According to Ripple’s press release on January 16, 2020, the company explains the Asia Pacific region, stressing how much of a gold mine it is. Referencing an article by the World Bank, Ripple states that in 2018, there was a 12% surge in the APAC’s remittance market.
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Ripple states that the Asian remittance market is expensive, explaining that sending $200 could attract over $20 in transaction fees. Also, aside from the high cost of the transaction, the slow pace in which conventional cross-border transactions takes makes trading not just expensive but futile in an emergency.
“Not only is cost a limiting factor but when banks are closed, payments can take an additional two days to send. It is not surprising that stakeholders are looking for a less expensive and more efficient option to complete their transactions.”
Fake Ripple Insight Page on the Loose
Some realities are too good to be true. With the numbers of fake giveaways and airdrops in the cyberspace, the gullible are yet to learn. Recently, an article on Coil, a web monetization platform has warned users on new method scammers are using to steal on the XRP Ledger.
According to the author of the article Xrplore, the scammers’ spy on the viewers of a fake Ripple insights page, one formed by making slight changes to the original page using special characters to give an impression of originality. Afterward, the scammers then filled the Fake Ripple Insight page with a fake article on airdrops and giveaways.
Xrplorer’ went thus:
“The attackers had a plan. First, Make a replica of Ripple Insights, using special characters in the domain name to make it look legitimate [rippłe != ripple]. Secondly, add an article about a massive airdrop, promoting a new “Claim” feature in XRPL. Thirdly, link to a replica of the Bithomp website, from the article, with a tool to use said “Claim” feature. A fake tool, which only serves to send secret keys to the attackers’ website so that they can take full control of the account.”
Additionally, Xrplorer state that on January 16, 2020, the attackers carried out what he termed “the first tests” in which small payments of 88 drops (0.000088 XRP] were sent via the XRP Ledger, with notes that stated “Welcome magic!” and “Magix!!”
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After the first testing was finalized and the fake websites were set, thousands of 88 drops payments were sent out to XRP accounts directly. This according to Xrplorer were aimed by balance. To further convince people of its originality, it has a link that promoted a fake airdrop, “with no purpose other than to lure secret keys from the recipients.”