In an apparent social media scam, individuals based in the Philippines tried to suggest that the US Treasury created an XRP wallet.
Although this incident immediately had substantial red flags, it was still circulated by popular X (formerly) accounts. This is a worrying sign about the state of the community in 2025, and there’s no easy solution.
Did the US Treasury Buy XRP?
Since President Trump took office, social media scams have been taking off in the crypto space. After the launch of the TRUMP meme coin, figures in his orbit have released their own rug pulls or egregiously sketchy token projects.
Another scam is now taking off, where someone claimed that the US Treasury opened an XRP wallet.
“[The] latest example of the rampant misinformation problem in the XRP community. This time we have fake KYC’d accounts from the Philippines pretending to be the US Treasury and issuing fake tokens on the XRPL. I’m being genuine when I ask, how do people actually fall for this stuff?” asked Zach Rynes, Chainlink Community Liason.
The US Treasury XRP Wallet scam took off quickly after it was first posted, with several major accounts boosting it. This fake wallet allegedly interacted with major institutions like Bank of America and JPMorgan, but on-chain analysis reveals that it’s based in the Philippines.
A non-US account clearly activated the phony Treasury wallet.
In fairness, a few factors in the broader crypto ecosystem worked to make this hoax seem more plausible. For one, Trump has endorsed a US Bitcoin Reserve, and several states are trying to launch their own reserves.
The price of XRP has been soaring, and some community members believe that the Treasury under Trump could want in on the profits.
However, hoaxes like this work especially well on a vulnerable sector of the community: newcomers. Nearly half of TRUMP holders have never invested in crypto before, and this is a clear sign of the new interest in crypto.
If uninformed people hear verified credible accounts claiming that the US Treasury is boosting XRP, they might not have the background to dispute it.
Rynes went on to state that a trained eye could immediately see the red flags in this incident, but it’s “hard to know what the solution is” to major social media hoaxes like this.
Ultimately, the crypto community will need to do some real soul-searching, or scams could seriously sully the industry’s long-term reputation.
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