RippleBank is a website that recently appeared online. Find out everything you need to know about RippleBank today.
What Is RippleBank?
RippleBank, found online at RippleBank.biz, is a website targeted towards those who are interested in the Ripple currency (XRP).
Industry websites like TheMerkle.com and others have labeled RippleBank as a scam site. The first red flag occurs when you load the website for the first time. The site tries to load scripts from unauthenticated sources. Your browser should block those scripts automatically.
Once you look at the rest of the website, you’ll learn that RippleBank appears to be some sort of pyramid or MLM scam.
We’ve seen dozens of cryptocurrency scams and pyramid schemes appear on the internet the last few weeks. These scams typically work in a similar way: they target newbie cryptocurrency users and promise them enormous returns on their investment.
In reality, there’s no “product” or “business” whatsoever: the scheme is propped up by new memberships. In other cases, the website just steals your bitcoins and leaves you with no recourse.
The difference between RippleBank and other scams, of course, is that it doesn’t target bitcoin or Ethereum users: it targets Ripple. As far as we know, this is the first major scam involving Ripple – which shows you how big altcoins have become.
Let’s take a closer look to see if RippleBank is really a scam – or if it’s a legitimate business.
What Does RippleBank Sell?
RippleBank uses a multilevel marketing-style structure to promote its business. You pay a fee to join the company, then receive a guaranteed return on your investment.
Right now, the joining fee for RippleBank is 0.333 BTC, or about 1500 Ripple coins. When you pay that amount, you’ll receive 0.7% per day ROI. Obviously, that’s a very good rate of interest that can double your money in under a year.
That’s why RippleBank describes itself as an “opportunity for those who are rich to pioneering 2017.” That’s the word-for-word description on the official website.
In any case, RippleBank doesn’t appear to sell anything but memberships. The only product or service listed on the RippleBank website is the membership packages. No further information is available. There doesn’t appear to be an exchange, a wallet, or any other crypto services.
RippleBank doesn’t explain anything about itself, its business model, or its founders. However, the website goes into a surprising amount of detail about the compensation plan, including a detailed breakdown of how much money you can make at each level.
The company promises members that they can earn 20,971.51 BTC using the service ($56.149 million) if you reach all the way up to rank 22.
There’s limited information about RippleBank available online. The company’s “About” page is filled with images of real people with real names. However, it’s just an exact copy of the information on Ripple’s official website (as in the currency’s official website).
RippleBank claims that its CEO is Brad Garlinghouse, for example. He’s the CEO of Ripple (the currency) and does not appear to be affiliated with RippleBank (the scam site) in any way.
RippleBank also claims to be backed by some of the biggest investors in the industry, including Andreesen Horowitz, Google Ventures, and SBI Group, among other heavyweights. These logos are clearly displayed all over the RippleBank.biz website.
Obviously, RippleBank is trying to mislead people by showing information about Ripple (the currency) as opposed to RippleBank (the scam website).
Who Created RippleBank?
So who’s really behind RippleBank? On March 31, an individual named Jesse Crawford filed a trademark application for the name RippleBank. You can view that application on Justia.com.
That same person filed a request for a trademark of “Digital Asset Line of Credit” in April 2017, and stated that the trademark was for a computing and financial services company providing mortgages and lines of credit based on cryptocurrency.
Other trademark requests by that individual include one for GoCoin and another for the Go!Mobile Computing Network.
The domain name RippleBank.biz, by the way, was registered on February 15, 2017. The domain was registered through NameCheap, and the registrant has chosen to keep his identity hidden.
Ultimately, we have no information about who’s behind RippleBank.biz, and there’s no further information available through the official website. Obviously, when someone is asking you to send them money over the internet, you expect to see more information.
RippleBank appears to be a fraudulent website. It’s not associated with the Ripple currency in any way, and it’s been labeled as a scam website by a number of other cryptocurrency industry websites.
The website makes absurd promises about a number of different things. It claims you can earn over $56.1 million by joining the company and progressing to rank 22, for example.
The website also claims to be backed by Andreesen Horowitz, Google Ventures, and a number of other renowned venture capital firms. There’s no evidence of any investments whatsoever. All signs point to the website being a scam.
Ultimately, RippleBank is like many similar cryptocurrency scams that have appeared online in recent months. The only difference is that RippleBank targets those who use Ripple coins. Avoid RippleBank and save your crypto tokens.