Ripple, Binance impersonators target XRP holders via fake staking program
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Online fraudsters are impersonating major cryptocurrency firms like Ripple and Binance by creating fake websites and email imposters pretending to provide
That said, the real Binance exchange actually offers decentralized finance (DeFi) staking for XRP as part of its Binance Earn program. However, Binance’s XRP DeFi staking program only allows users to earn up to 1.4% per year.
It’s important to note that XRP cannot be staked because it doesn’t run with a proof-of-stake system like major PoS cryptocurrencies such as Ether (ETH). Instead, XRP transactions rely on a network of “unique nodes” that agree on which transactions can be processed in the network.
Investors are advised to conduct thorough research to ensure the legitimacy of a platform before making any investments.
