ZachXBT Criticizes Ripple Foundation for Lack of Community Support
ZachXBT criticized Ripple, stating it no longer supports initiatives aiding its XRP community. He advised victims of scams on the XRPL to file IC3 reports and track stolen funds through exchanges.
- Ripple is accused of providing little value to the industry, with ZachXBT suggesting it only serves as exit liquidity for insiders.
- ZachXBT emphasized the importance of self-custody but noted it requires knowledge of scams and risks.
- He described Ripple's support for public goods as "cheap," leaving investors vulnerable in a scam-heavy environment.
Concerns Over XRP Centralization
- Justin Bons criticized Ripple’s control over the Unique Node List, claiming it centralizes validator influence and misleads investors about decentralization.
- Analyst Rajat Soni raised concerns regarding Ripple's ownership of nearly half the total XRP supply, suggesting potential price manipulation.
- Forbes labeled the XRP Ledger a "zombie chain," highlighting its limited contribution to global payments compared to systems like SWIFT.
Despite criticism, XRP has increased over 420% in the past year. Recently, ZachXBT flagged a $175 million XRP transfer by co-founder Chris Larsen, sparking speculation of insider selling.