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XRP CyberCapital founder: Selling so-called "decentralized" XRP to retail investors is a fraud
CyberCapital founder Justin Bons strongly criticized XRP, questioning its decentralization and the way the network handles verifier software. Bons posted on X (formerly Twitter) that XRP had been running closed-source code for the past two weeks and accused the code was about to become mandatory and that validators who refused to comply could be expelled from the network. He linked the issue to so-called "permitted node lists," stating that validators must follow the requirements imposed by those who control these lists.
Bons also refutes the idea that closed source code is justified only on the grounds of critical security updates. He compared this approach to Bitcoin, Ethereum, and Solana, saying that these networks have historically led validators to use new binaries and open source code while not disclosing details of security vulnerabilities. According to Bons, developers can protect users by hiding details of vulnerabilities while still allowing validators to inspect the software they are required to run. This approach provides a safer balance, he says, because closed-source binaries carry additional risks. Bons warned that malicious code could steal money or bring down entire networks, proving the importance of open source software for decentralized blockchains.
Selling XRP to retail as "decentralized" is straight-up fraud!
XRP has been running closed-source code for the last two weeks
Tomorrow, this code becomes mandatory & anyone who disagrees will get kicked off the chain!
A permitted node list means validators must bey:…pic.twitter.com/3nIcRiid8S-Justin Bons (@Justin_Bons)October 8, 2026
Bons challenges XRP's consensus model
Bons then targeted the criticism at XRP's consensus structure. He claimed that the latest situation exposed what he believed to be deeper problems in the design of XRP networks. According to Bons, XRP operates under what he calls the "Proof of Authority"(PoA) model because authority comes from what he describes as a "king-maker." He pointed out that Ripple and the XRP Ledger Foundation are the responsible entities for publishing two license verifiers lists.
Bons argues that this structure means that the Ripple consensus model relies on a list of license validators rather than running as a fully decentralized system. He compared XRP to Canton and believed that the two networks had similarities in this regard. However, he praised Canton for being more transparent about the nature of its network.
Bons accuses Ripple of distorting XRP
Bons said his main focus related to what he believes Ripple is saying about XRP decentralization. He accused Ripple of dishonesty and said the issue had entered the realm of investment fraud. He further claimed that cryptocurrency researchers outside the XRP ecosystem generally do not take the network's decentralization claims seriously. Bons said XRP is at a highly centralized endpoint for blockchain design and described the network's claims for decentralization as a "bad joke."
Bons raises broader concerns about XRP
In his conclusion, Bons described the closed-source software issue as the latest example of what he called cheating around XRP. He also re-examined his criticism of XRP's supply allocation, accusing Ripple of allocating 100% of its supply to itself and steadily selling XRP to the public over years. He warned that centralized power could eventually be abused, and then directed users to other blockchains that he believed were decentralized, scalable and economically sound.
