Bloomberg Analyst Says “Someone is Crapping Their Pants” After Fake BlackRock XRP ETF

Bloomberg’s ETF analyst Eric Balchunas reckons that the person or person behind the fake BlackRock iShares XRP Trust filing is in deep trouble.

Earlier this week, the price of XRP surged and dumped in a crazy few hours after it appeared that BlackRock had filed for a spot ETF to track the crypto asset. However, the news was eventually discovered false, with BlackRock publicly denying such plans. 

The matter, however, is not over, as authorities appear intent on discovering how the bogus file ended up on the official State of Delaware website. Director of policy and communications at the Delaware Secretary of State’s Office, Rony Baltazar-Lopez, told Bloomberg Law that officials have “referred the matter” to the Department of Justice.

The reference potentially opens up a way for the state to investigate the bogus filing and bring the masterminds to book. In what may have been an apparent case of market manipulation, the individual or entity behind the move may have profited from the brief surge and decline in XRP’s price.

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Although it remains to be seen whether an investigation ensues, Bloomberg ETF analyst Eric Balchunas believes that whoever is behind the fake filing is already “crapping their pants” upon discovering that the matter has been reported to the Department of Justice.

The sly remark refers to someone who realizes they have gotten in “big trouble” and may not know how to escape the situation. Coming under the radar of the Department of Justice is not a favorable position for anyone and could potentially lead to huge fines, if not a prison sentence.

LATEST ON FAKE XRP ETF FILING: “Our only comment is that this matter has been referred to the Delaware Department of Justice,” the spokesperson (for Delaware Dept of State) said. Damn. Someone out there is crapping their pants as we speak.. https://t.co/Xea226Q1vT

— Eric Balchunas (@EricBalchunas) November 14, 2023

iShares XRP Trust Still Available on Delaware Government Website

A reference of the matter to the Delaware Department of Justice and BlackRock’s own confirmation that it has not filed an XRP ETF appears to provide sufficient reason to believe such a move is not on the radar for the fund manager. 

Yet, many wings of XRP enthusiasts who hope for the rumor to be true have pointed out that the listing is still available on the Delaware government website. Even though it is now almost two days since the news, the listing still remains at the time of writing.

A permanent deletion might perhaps be considered conclusive evidence and may be what is required to extinguish any hope that BlackRock would file for an XRP ETF soon. In the meantime, the fund manager seems keenly interested in winning approval for its Bitcoin and Ethereum spot ETF first and may expand to the rest of the crypto space as the industry evolves.