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AU Scammer Gets a 2-year Sentence in Prison for Stealing $400K

Jamie West by Jamie West
August 20, 2020
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SYDNEY, Australia – Kathryn Nguyen, the 25-year-old Australian, recently stole 100,000 XRP tokens, yet these altcoins were back in January 2018. This year, the scammer faces her punishment, which is imprisonment for two years. Aside from this incident, there are also other instances of scammers getting funds from XRP users in different ways.

Kathryn Nguyen, 25, faced allegations after stealing 100,000 XRP altcoins back in January 2018. This young adult is from Sydney, Australia. The odd thing that a lot of spectators found out was when victims just found it now when the incident happened two years ago already. With the event, she’s facing her sentence, which is two-year imprisonment.

As per the report, Nguyen scammed the account of a 56-year-old XRP user. Her strategy was to exchange the two-factor authentication, from the man’s mobile number to hers. After the exchange, she moved XRP tokens to a Chinese-based digital asset platform. After that, she exchanged the funds to Bitcoin. After trading it to Bitcoin, she sent the altcoins to different virtual addresses.

Back in 2018, when the incident happened, XRP was trading at $4 each. To sum up, the entire funds that Nguyen stole are about $400,000 in a single hack.

The authority arrested Nguyen back in 2018. They got her money and a computer. Plus, at the end of the year, they charged her. The court stated that she’s guilty of the crime last year, August 2019.

There are seldom scam incidents in Australia, and Nguyen’s case is the first digital asset fraud that the country had. As per the judge, it was challenging to try the circumstance, and send her to imprisonment. It will last for two years and three months. What’s worst was that her character references labelled her as a hard-working and generous person.

Aside from Nguyen’s case, XRP users encountered another set of scammers in a “giveaway” strategy. Now, scammers have many ways to steal from people, including YouTube and Telegram.

Internet Archive is a handy and trustworthy tool for scholars, writers, content creators, and enthusiasts. The ranking is No. 1, and the rating came from the Similarweb intelligence portal, which is under the category of Science and Education. Also, it has 65.7 million registered viewers in July 2020.

This program is the aim of XRP scammers. The troublemakers attract all naïve XRP users to join the yearly airdrop. With this scheme, the CEO, Brad Garlinghouse, allegedly gives back to the community. Those who have interests they can transfer their XRP to addresses of scammers.

XRP Ledger’s researchers for transactions previously tried to compute the effectiveness of a scam airdrop. As per the assessments of the XRPLorer Forensics team, these scammers gained $60,000 daily.

These scammers use Binance’s digital asset, along with other exchanging platforms. The scamming method didn’t change at all. On the other hand, previously, XRP scammers created another scam tactic. These fraudsters mimicked Coindesk’s digital asset media outlet’s administration. They informed newsletter subscribers that Ripple initiated the XRP reallocation.

The same set of scammers imitated Block.one as they advertise EOS tokens’ reallocation.

jamie xrp news | XRP & Ripple News
Jamie West
Tags: allegationsauthenticationBitcoincaseCEOcrypto assetcryptocurrencydigital assetdigital walletemailexchangeimprisonmentinvestmentpunishmentRipplesentenceYouTube
Jamie West

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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