TL;DR Breakdown
- XRP Forensics helps to prevent crypto scam
- Exchanges have been advised to integrate the API into their platform
Despite all of the gloom surrounding Ripple’s XRP lately, there is a shining story of how XRP Forensics through its application programming interface (API) was able to stop close to 450k XRP tokens from getting to fraudsters this week.
XRP Forensics is a website created by the Ripple Community to help protect the crypto token from scammers. The initiative had successfully been able to play an active role in preventing crypto scams involving the Ripple asset.
The forensics is able to do this by filtering out any transaction that was sent to a known scam account and it also keeps track of transactions that may have attracted high transaction fees.
Due to this pivotal role it plays in the ecosystem, XRP Ledger Foundation, a foundation launched in September of last year to support the development of the initiative has encouraged crypto exchanges to integrate the API into their system.
How XRP Forensics work
XRP Forensics recognizes the fact that it is almost impossible to gain tokens that have gotten into the hands of the scammers back, this is why the API takes a frontline approach towards preventing the scam in the first place.
According to the website, the process of reclaiming whatever lost token would have to come with cooperating with the crypto exchanges which can be a very complex thing to do and, at the same time, there is no guarantee that the tokens would be reclaimed.
What the API does is make sure that the targeted tokens by the scammers doesn’t leave the wallet of the victim. This allows the exchanges to be able to block the funds almost immediately, thereby, preventing the fraud.
XRP token holders have, at different times, been victims of crypto scams. An example is in 2019 when exchanges sent 6 million XRP tokens to giveaway scams unknowingly.
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