Ripple: David Schwartz says XRP buyback program is a scam!

David Schwartz, CTO of Ripple, responded to a rumored XRP buyout for an XRP buyout program, calling it “ascam“.

I haven’t looked at it very closely. But what I have seen looks an awful lot like a scam to me. If we’ve learned anything from 2012 and 2022 it’s that anyone promising high returns with low risk is almost certainly going to rob you.

David “JoelKatz” Schwartz (@JoelKatz) February 5, 2023

“I didn’t look at it very closely. But what I’ve seen looks very much like a scam to me. If we learned anything from 2012 and 2022, it’s that anyone promising high returns with low risk is almost certainly going to rob you“, he tweeted.

The nonsensical proposal was put forward by Jimmy Vallee, the managing director of Valhill Capital, in 2021. Jimmy Vallee claims that XRP has the potential to become the world’s reserve currency and suggests that governments hold large amounts of XRP, which would lead to a retail buyout.

Jimmy Vallee proposes a fixed redemption rate for the XRP token of $37,500 per person, based on global wealth and the total supply of XRP.

The ridiculous XRP redemption theory has recently become a hot topic in the community, following Jimmy Vallee’s interview with Clever Hummingbird.

XRP influencers, such as Crypto Eri, have strongly criticized this too-good-to-be-true fictional deal.

In addition, attorney John Deaton, who was mentioned in the proposed terms as allegedly receiving payment for his role in the US Securities and Exchange Commission case against Ripple, made it clear that he was not involved in Jimmy Vallee’s XRP buyout proposal.

John Deaton emphasized that he would not accept money for his efforts in the Ripple and LBRY cases and stated that his efforts would continue to be pro bono unless he made an appearance as a defense attorney representing a company sued by the SEC.

In light of these developments, it is important for investors to be cautious and critically evaluate all investment opportunities, particularly those that promise high returns with low risk. The XRP buyout proposal is the latest example of a blatant cryptocurrency scam.