Fake BlackRock Trust Filing Causes XRP Pump and Dump
On November 15, 2023
In a surprising turn of events, the cryptocurrency XRP witnessed a sudden surge in value followed by a dramatic decline, all due to a fake filing named “BlackRock iShares XRP Trust.”
XRP holders were initially taken aback by the news, and for a brief moment, excitement spread throughout the community.
However, it soon became apparent that the filing was nothing more than a hoax.
The filing, submitted in Delaware, had initially propelled the value of XRP by an astonishing 12% within a mere thirty minutes. However, BlackRock, a prominent investment management firm, quickly clarified that they were not behind the filing.
A spokesperson from the company confirmed that while BlackRock had recently registered the name for its iShares Ethereum Trust in Delaware, the XRP filing was entirely false.
Intriguingly, the fake XRP trust filing shared the same address and contact information as BlackRock’s legitimate Ethereum filing from the previous week.
BlackRock’s Ethereum registration had caused a surge in Ethereum’s value, pushing it beyond the $2,000 mark for the first time in several months.
Such registrations are typically seen as precursors to the filing of Exchange-Traded Funds (ETFs). Following their Ethereum filing, BlackRock indeed confirmed their intentions to establish an Ethereum ETF in a Nasdaq filing, aligning with market expectations.
The cryptocurrency community has been eagerly awaiting the approval of Bitcoin and Ethereum ETFs, particularly those issued by BlackRock, a behemoth in the financial world with $9 trillion in assets under management.
BlackRock had previously made waves in the industry by filing for its iShares Bitcoin Trust back in June. Each subsequent amendment or update to their filings has been met with price rallies, reflecting the market’s anticipation.
Bloomberg analysts recently noted a small window of opportunity until November 17, during which the Securities and Exchange Commission (SEC) could approve around 12 pending Bitcoin ETF applications.
This deadline extension came alongside the conclusion of the comment period for the filings. However, as of now, no official word has been released regarding the SEC’s plans for Bitcoin ETF approvals.
While the industry eagerly awaits ETF developments, instances of misleading news have caused significant price fluctuations. In October, a false report claiming that the SEC had approved BlackRock’s Bitcoin ETF application led to a temporary 10% surge in Bitcoin’s price before it swiftly corrected itself.
As the cryptocurrency market continues to evolve, investors remain cautious of potential fake news and diligently await official announcements regarding ETF approvals.
Supporting article: https://decrypt.co/205896/xrp-pumps-dumps-fake-blackrock-filing
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