BlackRock’s Fake ETF Filing Sends XRP on a Rollercoaster Ride
When news broke about the filing of an exchange-traded fund (ETF) by BlackRock, the value of XRP spiked by 10%, only to quickly return to its previous valuation. However, it was later revealed that the filing was fake, as it was submitted to the Delaware Divisions of Corporations and published on their website.
The fake filing closely resembled previous ETF filings for Bitcoin and Ethereum but specifically mentioned XRP. This raised questions about the authenticity of the iShares XRP Trust filing, especially since it remained actively listed on the ICIS Delaware website.
Despite doubts about its falsity, the application process for such filings requires stringent verification protocols, including notarized witnesses and thorough client identity verification by registered agents.
However, BlackRock disputed these claims to ETF analyst Eric Balchunas on November 13, confirming that the filing was indeed fraudulent. The news sent ripples through the crypto community, causing a spike and eventual retracement in the price of XRP.
Hot Take: The Dangers of Trading Based on Speculation
The incident serves as a reminder to traders about the consequences of trading based on speculation. It’s crucial to verify news and developments in the crypto space before making investment decisions to avoid being swayed by false information.
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