The Delaware State Department Refers BlackRock’s Fake XRP ETF Application to the State DoJ
The Delaware State Department has referred the case regarding BlackRock’s bogus application to launch an XRP-based ETF to the state DoJ.
On November 13, an application from BlackRock was discovered on the official website of Delaware, aimed at launching an ETF based on Ripple (XRP), as reported by Bloomberg analyst Eric Balchunas. However, this information was later denied, with speculation that the attacker used the data of BlackRock managing director Daniel Schwieger.
Questions have now arisen about the application process for creating trusts, with journalists from CoinDesk finding that it requires seven steps and can be done by filling out a regular PDF form.
XRP Price Fluctuations and BlackRock’s Bitcoin ETF
Following the news going viral online, XRP price soared by 12% in 30 minutes but returned to its previous values immediately after the refutation. At present, XRP is trading at $0.6352 and has lost a little more than 2.7% in price over the past 24 hours. Additionally, on October 24, BlackRock’s proposed spot Bitcoin ETF appeared on DTCC’s list of assets but later disappeared from the platform’s website.
Hot Take: Implications of False Applications and Market Impact
The false application for an XRP-based ETF and the subsequent market fluctuations highlight the potential impact of misinformation and fraudulent activities in the crypto industry. The swift response by regulatory authorities underscores the need for vigilance and due diligence in evaluating investment opportunities within this space. The incident also underscores the importance of verifying information from official sources before making investment decisions, as false reports can lead to rapid price fluctuations and market instability.
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