A week ago, a new crypto appeared on coinmarketcap triggering some stir in the crypto community because of its name and the use of a marketing strategy that many would describe as fraudulent.
We’re talking about “XRP Classic,” an Ethereum based token that stealthily appeared on coinmarketcap on January 8th has a total market cap of about 526 USD. The cryptocurrency is now available for trade at Mercatox, EtheryFlyer, and Token.Store.
According to its social networks, XRP Classic seems to be a project created to solve the problems of freelance workers, yet they do not provide more information on how they hope to tackle this situation.
The aim of Xprc digital currency is to provide fast decentralized digital peer to peer freelance network; it will disrupt the way industrial market. We seek To create easy payment solution and build premium design for seller to get high commission with low-cost fee.
Evidently, XRP Classic is not endorsed by Ripple, nor is there any relationship between XRP (the token developed by Ripple Labs) and XRP Classic, however, the project copied not only the name but also the logo of the popular altcoin.
The XRP army quickly initiated a campaign to alert the community about the scammy tactics of the team behind the project they labeled as a scam. Many of the tweets mentioned that copying the logo and having a similar name was a malicious move intended to confuse new investors.
Hey #XRP community, let's do ourselves a favor and report @Xrpclassic_XRPC. They are actually growing off of claiming to be XRP, let's get them taken off of twitter and hopefully delisted off of coinmarketcap and exchanges
— Alex Cobb [Not Giving Away Crypto] (@AlexCobb_) January 14, 2019
— XrPlatinum (@XrPlatinum) January 14, 2019
— 🔫UncleChopChop🧨 (@NewJackHodler) January 14, 2019
Despite the alarms, the truth is that these kinds of tactics are not uncommon in the world of cryptocurrencies. Not only are there projects with similar names and logos like Ethereum and Ethereum Classic but other projects like Bitcoin Cash and Bitcoin Satoshi’s Vision go much further even claiming to be the real Bitcoin, something that, although strongly criticized by the community, has never made its promoters change their strategy.
Beyond its advertising, the fact is that XRP Classic has many reasons to raise suspicions, so it is recommended to be very cautious when trading with this particular token. It has no identifiable development team, no forum or thread on Bitcointalk, the whitepaper does not describe the technology used by XRP Classic, the website is full of “Loren Ipsum” and fills, the pictures of allied industries are generic and do not show any kind of link.