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The cryptocurrency XRP witnessed a dramatic but fleeting surge in its value following a hoax involving BlackRock, a major asset management firm. The false claim suggested BlackRock was planning to launch an XRP-focused exchange-traded product, leading to a significant but short-lived spike in the cryptocurrency's price.
The incident unfolded rapidly late on November 14, when Twitter users noticed a filing in Delaware indicating BlackRock's intention to register an "iShares XRP Trust." This news was perceived as a precursor to BlackRock launching an XRP exchange-traded fund (ETF), sending the value of XRP up by 12% to $0.72 within just 30 minutes.
The Momentary Excitement
However, this excitement was short-lived. Within half an hour, the filing was debunked as fraudulent by Bloomberg's ETF analyst Eric Balchunas, who had confirmed with BlackRock. It appeared that someone had impersonated BlackRock managing director Daniel Schwieger to list the XRP trust on Delaware's list of corporations' websites.
The initial spread of the misinformation was quick, with Bitcoin Magazine analyst Dylan LeClair among the first to report on the fake listing. Balchunas and The Block, another crypto news outlet, also shared this news on Twitter, though these posts were later removed. Before this incident, BlackRock had shown interest in expanding its cryptocurrency offerings, filing for a spot Ether ETF on November 9.
In the aftermath of the hoax, it was reiterated by industry experts that the spot Ether ETF filing by BlackRock was indeed legitimate, as confirmed by a 19b-4 submission by Nasdaq to the Securities and Exchange Commission. This contrasted starkly with the fake XRP trust filing, highlighting the need for vigilance and verification in the rapidly evolving world of cryptocurrency.
This episode serves as a reminder of the volatility and susceptibility to misinformation inherent in the crypto market. It underscores the importance for investors to rely on verified information, especially in an industry where fortunes can change rapidly based on rumors or false news.
