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Fake BlackRock XRP Trust Filing Under Investigation

Fake BlackRock XRP Trust Filing Reported to Delaware Justice Department

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515 Listen to this article Delaware’s Division of Corporations has initiated an investigation into a deceptive filing linked to BlackRock’s […]

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Delaware’s Division of Corporations has initiated an investigation into a deceptive filing linked to BlackRock’s “iShares XRP Trust.” The incident has prompted a referral to the state’s Department of Justice for further scrutiny.

Background

On November 13, a fraudulent filing emerged on the State of Delaware’s Division of Corporations platform, falsely claiming that BlackRock, a prominent asset manager, had registered an “iShares XRP Trust.” The consequences were swift, with the falsified information causing a momentary 12% surge in the price of XRP. The questionable filing, attributed to BlackRock managing director Daniel Schwieger, has raised concerns about potential fraudulent activities, particularly if XRP transactions were involved.

Referral to Delaware Department of Justice

Confirming the gravity of the situation, a spokesperson for the Delaware Department of State announced on November 14 that the misleading filing would be referred to the Delaware Department of Justice. State authorities will now determine the appropriate course of action in response to this incident.

Impact on XRP Price

The fabricated XRP trust filing initially led to a surge in XRP’s value, only for the gains to be swiftly erased once the falsehood was exposed. Investors and the cryptocurrency community are keenly observing updates on the investigation and its potential repercussions on market dynamics.

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Uncertain Action from Delaware Justice Department

Despite the referral, the specific actions that the Delaware Justice Department may take in response to the fraudulent filing remain uncertain. The nature of the filing, coupled with the use of a BlackRock executive’s name, suggests potential fraud, warranting a thorough and comprehensive investigation.

Possible Motivations and Fallout

The deceptive XRP trust filing hinted at the possibility of BlackRock planning to launch an XRP-linked exchange-traded fund (ETF) in the United States. Such a development would be a significant milestone for the cryptocurrency space. However, it is crucial to note that, as of now, the U.S. Securities and Exchange Commission (SEC) has not granted approval for the listing of any spot crypto ETFs.

Previous BlackRock Registration and SEC Response

Adding complexity to the situation, BlackRock had legitimately registered an Ether trust in Delaware on November 9. Nevertheless, the SEC has not given its approval for any spot crypto ETF listings. The implications of the fake XRP trust filing on BlackRock’s future endeavors in the cryptocurrency market remain uncertain pending further investigations.

Conclusion

The Delaware authorities’ decision to refer the case to the Department of Justice underscores the seriousness with which the state is treating the fraudulent BlackRock XRP trust filing. Investors and the broader crypto community are eagerly awaiting developments in the investigation, with potential legal and regulatory consequences for those responsible for the deceptive registration. This incident highlights the importance of vigilance and regulatory oversight in the evolving landscape of cryptocurrency investments.

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