On late November 13, the XRP price experienced a significant surge, momentarily jumping by 16% following a purported exchange-traded fund (ETF) filing by BlackRock, which quickly turned out to be fake.<\/p>\n
The incident began when X (formerly Twitter) users shared a filing in Delaware suggesting that BlackRock, the global asset management giant, had registered the \u201ciShares XRP Trust\u201d. This action is typically a precursor to launching an ETF. Consequently, the XRP price soared to $0.75, a 16% increase, within just 25 minutes of the news breaking.<\/p>\n
However, the excitement was short-lived. Bloomberg ETF analyst Eric Balchunas confirmed<\/a> the filing as fake after direct communication with BlackRock representatives. Balchunas indicated that the XRP trust had been falsely listed on the Delaware website using the name of Daniel Schwieger, a managing director at BlackRock.<\/p>\n In a X post, Balchunas stated, \u201cThis is false! Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. Cmon man. [\u2026] Some ppl questioning whether BlackRock actually confirmed to me this is false. They did. A spokesperson confirmed. If that\u2019s not enough and you are still raging, then please seek medical help.\u201d<\/p>\n Adding to this, Bloomberg\u2019s James Seyffart remarked<\/a> on the rapid price fluctuation: \u201cRound trip to below where it was before the fake pump. [\u2026] That was a quick [\u2026] Whoever did this better have covered their tracks because the feds will be looking into them I suspect.\u201d Seyffart also clarified that while the XRP trust filing was fake, the Ethereum ETF filing<\/a> is legitimate and confirmed.<\/p>\n Scott Johnson, finance lawyer at Davis Polk elucidated<\/a> why the XRP ETF by BlackRock had little chance to be true: \u201cWould represent an aggressive posture from Blackrock given there\u2019s currently no clear path for XRP to get 19b-4 approval here without a CME futures market \/ SSA. Not to say it can\u2019t be done, but would require forging a new path.\u201d<\/p>\n Jeremy Hogan, a renowned lawyer from the community, explained <\/a>the simplicity of spoofing the formation of an ETF, highlighting its fraudulent nature and the ease of execution. Hogan elaborated that \u201cit\u2019s actually very easy and just costs $500. You only need to file two documents (attached), pay the money, and you get a \u2018placeholder\u2019 on the state website. \u201d<\/p>\n He also speculated that the perpetrator could have potentially capitalized on the price surge. \u201cCriminal saw what happened with the ETH trust filing, files the XRP trust \u2018filing,\u2019 buys $100k XRP on leverage, sells at 74 cents, and pockets 2-3 million dollars,\u201d Hogan speculated.<\/p>\n At press time, XRP traded at $0.6636 after briefly touching the 0.618 Fibonacci retracement level.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n On late November 13, the XRP price experienced a significant surge, momentarily jumping by 16% following a purported exchange-traded fund (ETF) filing by BlackRock, which quickly turned out to be fake.<\/p>\n The incident began when X (formerly Twitter) users shared a filing in Delaware suggesting that BlackRock, the global asset management giant, had registered the \u201ciShares XRP Trust\u201d. This action is typically a precursor to launching an ETF. Consequently, the XRP price soared to $0.75, a 16% increase, within just 25 minutes of the news breaking.<\/p>\n However, the excitement was short-lived. Bloomberg ETF analyst Eric Balchunas confirmed<\/a> the filing as fake after direct communication with BlackRock representatives. Balchunas indicated that the XRP trust had been falsely listed on the Delaware website using the name of Daniel Schwieger, a managing director at BlackRock.<\/p>\n In a X post, Balchunas stated, \u201cThis is false! Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. Cmon man. [\u2026] Some ppl questioning whether BlackRock actually confirmed to me this is false. They did. A spokesperson confirmed. If that\u2019s not enough and you are still raging, then please seek medical help.\u201d<\/p>\n Adding to this, Bloomberg\u2019s James Seyffart remarked<\/a> on the rapid price fluctuation: \u201cRound trip to below where it was before the fake pump. [\u2026] That was a quick [\u2026] Whoever did this better have covered their tracks because the feds will be looking into them I suspect.\u201d Seyffart also clarified that while the XRP trust filing was fake, the Ethereum ETF filing<\/a> is legitimate and confirmed.<\/p>\n Scott Johnson, finance lawyer at Davis Polk elucidated<\/a> why the XRP ETF by BlackRock had little chance to be true: \u201cWould represent an aggressive posture from Blackrock given there\u2019s currently no clear path for XRP to get 19b-4 approval here without a CME futures market \/ SSA. Not to say it can\u2019t be done, but would require forging a new path.\u201d<\/p>\nWhy The Odds Of A XRP ETF By BlackRock Were Slim<\/h2>\n
Why The Odds Of A XRP ETF By BlackRock Were Slim<\/h2>\n