A Fake BlackRock XRP Trust Filing Provokes a Spike
A false filing suggesting the establishment of a BlackRock XRP Trust led to a temporary increase in XRP price.
The cryptocurrency market was thrown into a brief frenzy as fake news of a potential BlackRock XRP ETF emerged, leading to a temporary surge in XRP price. This misleading information was attributed to a fraudulent filing made to resemble BlackRock — a multinational investment management corporation — preparing to launch an XRP ETF.
The false filing, which was published on the website of the Delaware Divisions of Corporations, included details that mirrored those of previous legitimate filings by BlackRock. The details included the name and address of BlackRock’s registered agents, in a format similar to the past filings for Bitcoin and Ether, but with XRP as the subject.
The fake filing was first spotted by users on X, leading to a 12% rise in XRP’s price within 30 minutes after the initial posts. However, once the inauthenticity of the filing was reported, the price of XRP quickly returned to its previous level of approximately $0.66, as per data from Coingecko.
Contrary to the fraudulent information, a spokesperson from BlackRock confirmed that the corporation has no relationship with the filing. This confirmation solidified the fact that BlackRock is not currently planning to introduce a spot XRP ETF.
The swift surge and subsequent drop in XRP’s price highlight the crypto market’s sensitivity to news and rumors. This incident is reminiscent of a similar occurrence where a false headline about a BlackRock Bitcoin ETF approval momentarily prompted a market rally.
The fake BlackRock XRP filing incident serves as a reminder of the potential impact of misinformation on the crypto market and the importance of discerning fact from fiction in this rapidly evolving space.
