Ripple Launches Fraud Reporting Procedure To Report Illegal Activities
In the era where major online scams involving the malware, fake websites, viruses through emails etc. are becoming more common, Ripple Exchange took a significant step to report illegal activities related to XRP tokens. To establish its position in the global market, Ripple has created a page on its website to notify the foul play.
What Does The New Page Hold?As per Ripple, the reporting website will make the company conscious of fraudulent behaviours like theft, scams or unauthorized gateways which involves the XRP token (represents a transfer of value on the Ripple network).
The website of Ripple clears that Ripple won’t be reversing the transactions, as it is decentralized XRP ledger. Thus a “fraud report” can identify and check the fraud, but compensation to victims will be difficult.
The recent step to create the new page is a step forward to encourage the users to state about potential sanctions violations, money laundering, unauthorized transactions and other finance-related crimes. Ripple community can now be self-police and intimidate the company of possible illegitimate activities.
Ripple Is Stepping Ahead To Become Leader In Financial SpaceBrad Garlinghouse, CEO of Ripple, asserted the significant plans for expansion of the network. After the last week’s reports of the transfer of 65 million XRP to unknown addresses, which was termed as the scam to hunt seed phrases of the investor’s wallets, Brad tried to gain the confidence of the potential traders by launching the page for reporting the illegal activities.
Ripple, along with strengthening the fraud protection system, need to cooperate with regulators, government authorities and law enforcement departments to scale up the transactions in exchange. The exchange is moving at a higher pace to become the leader of industry by partnering with almost three hundred banks and experienced around 500% of growth in Q4 alone of last year.
About The Author
Tarulika JainAn engineering graduate, focussing on latest trends of cryptocurrency. As an economic enthusiast, she likes to read about the changing economies of world.
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