Crypto scams have been increasing drastically since the rise in investments and user adoption since 2021. One of such attempts is a phishing scam where emails are pretended to be sent out by Coinbase exclaiming an XRP staking program. The email claims that there would be a trial phase for 9,900 participants with a higher APY between 19% and 27.2%. It is important to note that Coinbase has not indicated any interest in re-enabling services for XRP nor has it resumed trading for the asset.

It is therefore important to take caution when encountering suspicious emails like these as they may contain malicious links. A report by the FBI indicates that in 2022, crypto scams accounted for $2.57 billion in stolen funds, a massive increase from the reported amount of $907 million in 2021.

Phishing scams in particular try to make use of the user's urgency by claiming a limited space of participants and thus prompting them to take action as soon as possible. Though Coinbase has not enabled any services for XRP, the Ripple case against the SEC hints optimism.

Paul Grewal, Coinbase's Chief Legal Officer, revealed last month that whatsoever the ruling of the judge in the case, the platform would still need to carry out thorough assessment to the situation before providing any crypto services for the asset. It is therefore advised for users to remain vigilant with their investments and double check any emails claiming to be from Coinbase.



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