Analysts Xrplorer.com estimated at 40% of the number of XRP transactions related to the activities of one of the fraudulent schemes.
Information about the large amounts of “BTC” being sent on the XRPL:
— Fake investment scheme/arbitrage platforms claim to profit from Bitcoin arbitrage trading across platforms
— They provide evidence of their legitimacy by linking to real transactions on real blockchains
— xrplorer.com (@xrplorer) June 28, 2020
According to the observations of analysts, cybercriminals lure victims to take part in an arbitration scheme to benefit from the difference of exchange rate of bitcoin on different platforms. To confirm the validity of the arguments they show the past transaction on the real block chain.
«Your deal is part of this consolidated transaction Ripple,» reads the accompanying message.
The link leads to a blockchain Explorer where the user can find the transaction with the obligation to transfer a certain amount of BTC. Not understanding the principles of operation of the system, the potential victim may not realize that such commitments are able to create anyone, and you have a real cryptocurrency for their software is required.
In Xrplorer.com was estimated at 6300, the number of accounts used to transfer debt. This scheme now accounts for about 40% of all transactions in the network, XRP, and their total number has already exceeded 67 million
The authors also state that by 12 December 2019 were issued 30 million «fake BTC», which in fact «created out of thin air» and does not contain any value. At the same time they managed to find only four transactions related to real bitcoins, totaling 0,245 BTC.
Recall that in Ethereum recently actively increased the cost of transaction processing, which can partly be linked to the popularity of Ponzi schemes such as the notorious «MMM».