Fake BlackRock Fund Filing Triggers a Brief Rally in XRP

Key Points:

• Fake BlackRock Fund Filing appeared on the Delaware website, triggering a brief spike in the price of XRP.
• The Fake BlackRock Fund Filing was quickly flagged as fraudulent and removed from the website, but not before it caused a stir in the cryptocurrency community.
• It is important for investors to be wary of any investment opportunity that seems too good to be true, and to do their own research before investing any money.

A filing related to a BlackRock Inc. fund connected to the cryptocurrency XRP, called the “Fake BlackRock Fund Filing,” surfaced on the Delaware website. This unexpected development led to a temporary market surge for the XRP token. However, it is crucial to emphasize that BlackRock was not responsible for the filing.

Fake BlackRock Fund Filing Stirs Crypto Community, Briefly Sending XRP Soaring

The Delaware Department of State’s Division of Corporations website prominently featured information about the “iShares XRP Trust” registered to BlackRock. This inaccurate filing caused quite a stir in the cryptocurrency community, leading to a temporary surge in the value of XRP, which soared by almost 13%. This sudden increase caught the attention of many on social media platforms, generating significant buzz and discussions. However, the excitement was short-lived, as XRP quickly relinquished these gains and ended up trading lower for the rest of the day.

While XRP is a significant cryptocurrency, ranking fifth on CoinGecko’s website, it may not be as widely recognized and popular as Bitcoin and Ether, which have garnered much more mainstream attention and adoption. Nonetheless, XRP continues to play a crucial role in the ever-evolving world of digital currencies, attracting its own dedicated community of investors and enthusiasts.

Fake BlackRock Fund Filing Highlights Misinformation Risks in Crypto Space

Attempts to reach the Delaware Department of State for clarification went unanswered, and the origin of the misleading information on the website remains unclear. This incident highlights the rapid spread of false information in the crypto community, fueled by excitement over the potential approval of a Bitcoin-focused exchange-traded fund by US regulators.

It’s important to note that such hoaxes can have real-life consequences in the crypto space. Token prices react swiftly to developments related to crypto-focused ETFs, but these gains can be quickly relinquished. For example, a recent false tweet claiming SEC approval of a Bitcoin fund caused prices to soar before being debunked. Last week, BlackRock indeed filed for an Ether-based fund, and this filing also appeared on the Delaware website. The same BlackRock contact was listed for both the legitimate Ether filing and the deceptive XRP submission, adding to the confusion.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.