XRP Wallets Suffer From New Memo Spam: Details

Magnetic (MAG), a cryptocurrency exchange promoting itself as the "first DEX on $XRP Ledger" chose an eccentric way of communication with potential users. Creators of new on-chain wallets for $XRP tokens are automatically invited to try the DEX and even experiment with the testnet $XRP from a free faucet.

$XRP enthusiasts ask DEX to stop spamming new wallets: Details

The new design of XRPL memo spam targets all creators of new wallets. Spammers retrieve information about newly-created wallets directly from $XRP Ledger in order to transfer $XRP after a new wallet has been activated. The trend was identified by $XRP enthusiast Chris Thompson on his X account today, Sept. 9, 2023.

The messages are being distributed by the team of Magnetic (MAG), one of the first DeFis on $XRP Ledger. Its team responded to accusations and stressed that the campaign was launched for educational purposes:

We just want to help new users understand the blockchain and recommend DEX, where you can trade XRPL tokens, our Faucet in the Telegram bot. A little training for new users (...) This is the only way to contact them. After all, they may not sit on Twitter and so on. How then can they find out about XRPL DEX, etc.?

However, contributors to $XRP Ledger protocols and XRPL nodes validators are not so enthusiastic about this way of communication. The Alloy Network team called this spam "despicable" and asked Magnetic to stop sending these messages.

Some XRPL activists even proposed a 1 $XRP "entry barrier" for transactions with a non-empty memo field. Today, the transactions are accompanied by 0 $XRP transferred.

Also, critics unveiled that this campaign made creating new wallets on $XRP Ledger harder for regular users.

Unusual spam messages for $XRP community

Other long-term $XRP users started recalling previous spam campaigns. Some of them even found presidential election campaign messages in their old on-chain wallets for $XRP.

As covered by U.Today previously, $XRP Ledger is close to the public mainnet launch of its first native automated market maker (AMM). XLS-30d, a game-changing upgrade, is on its way to a full-fledged launch.

Right now, its code base is open source, and it has already undergone a third-party security audit.