Philippine counterfeit KYC accounts impersonate the U.S. Department of the Treasury and issue fake tokens on XRPL

ChainCatcher news, according to Beincrypto, Chainlink community liaison Zach Rynes posted a reminder on the X platform stating: "This is the latest example of misinformation rampant in the XRP community. This time, we discovered a fake KYC account from the Philippines impersonating the U.S. Treasury and issuing fake tokens on the XRPL."

The scam post related to the U.S. Treasury XRP wallet spread rapidly once published, with several popular X accounts retweeting it. This fake wallet is said to have interacted with major institutions such as Bank of America and JPMorgan, but on-chain analysis shows it is located in the Philippines, indicating that a non-U.S. account has clearly activated this counterfeit Treasury wallet. Rynes stated that trained individuals can immediately recognize the warning signs in this incident, but "it's hard to know how to address social media scams like this."