The XRP community recently received a crucial warning from Wietse Wind, a leading developer on the XRP Ledger (XRPL), about a fake token circulating under the name “Xaman.”
This warning comes at a time when newly issued tokens on the XRPL are increasing. The message is meant for community members to stay vigilant as the threat of scams remains high in the community.
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Clarification from Xaman Wallet
Xaman Wallet, formerly known as Xumm, is a noncustodial wallet that enables XRP Ledger users to interact with the ledger securely and third-party tools.
Wietse Wind, founder of Xaman Wallet, addressed the community to clarify that there is no official Xaman token and that his team is not associated with any token issuance under that name.
Currently circulating on platforms like First Ledger, the token is misleadingly branded and falsely implies a connection to the Xaman Wallet.
In his recent statement, Wind explicitly stated that his team does not plan to issue a token, emphasizing that no authentic Xaman token exists. He described the “Xaman token” as a deceptive, fake meme coin and strongly advised against engaging with it.
By exploiting the Xaman name, fraudsters attempt to mislead the XRP community, particularly as interest in the token’s Ledger and decentralized finance solutions grows.
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Increasing Token Issuance
The Ledger has seen significant growth in token creation, fueled by rising interest in XRPL-based assets and new trading platforms. First Ledger, a platform designed to facilitate XRPL token trading, recently set a record for the most tokens issued daily on the Ledger, far surpassing previous highs from 2021.
While First Ledger’s success reflects the ledger’s expanding ecosystem, it also highlights the need for caution, as the rapid growth of new tokens presents opportunities for scammers to take advantage of unsuspecting users.
As token issuance continues to climb, so does the risk of scam tokens that appear to be legitimate. The community’s proactive approach to security is essential, as scam tokens, impersonations, and fraudulent projects are emerging to exploit this growth. These scams pose real risks to community members, who may be misled into supporting projects or tokens that lack legitimacy.
In addition to Wind’s warning, other trusted members of the asset’s Ledger community have reinforced the caution. Vet, a co-founder of xrpcafe and a validator within the XRPL, publicly urged users to be cautious regarding impersonation schemes. He emphasized, “We’ll block it from the platform ASAP, including the keywords to prevent future issuance.”
The official Xaman Wallet account has consistently issued reminders about common scams, including impersonations of Xumm Support and fake NFT minting services that aim to deceive users. Such impersonations are designed to trick users into sharing sensitive information, which scammers can misuse for their gain.
Best Practices for Security
As the ecosystem expands, so does the responsibility of community members to prioritize security. Warnings from Wind, Vet, and other developers are reminders for all users to remain cautious when interacting with newly issued tokens or engaging with unfamiliar projects. Verifying token authenticity through official channels, such as trusted developer accounts or validators, is highly recommended to avoid falling victim to scams.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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