Delaware state officials have heightened their response to a deceptive filing concerning a BlackRock XRP fund by officially involving the state’s Department of Justice.
The deceptive move took place when false documents appeared on Delaware’s official website, causing a massive surge in the value of XRP.
Delaware Officials Take Action
In the aftermath of the BlackRock XRP filing scandal, Bloomberg revealed that Delaware authorities have taken decisive action, referring this fraudulent case to the state’s Department of Justice.
This story shares many similarities with the BlackRock Bitcoin ETF approval hoax that sent Bitcoin to $30,000 in October.
BlackRock Sets the Record Straight on ETF Deception
The fraudulent filing, falsely indicating the creation of a BlackRock-managed Exchange Traded Fund (ETF) based on XRP, was covertly uploaded to the Division of Corporations website, which lists funds incorporated in Delaware, including other authentic applications from BlackRock.
Despite the scheme’s simplicity, data from CoinMarketCap shows that it managed to elevate XRP’s price to almost $0.72. However, the revelation that the BlackRock XRP ETF news was a sham led to a swift correction, with XRP’s value plummeting to $0.6546 30 minutes after it reached its peak
Jeremy Hogan, a notable attorney in the crypto space, highlighted the ease of setting up the scheme, requiring only a few documents and a small $500 fee.
Eric Balchunas, a senior ETF analyst for Bloomberg, also confirmed from BlackRock insiders that the company had not submitted any application for an iShares XRP Trust, dispelling the earlier rumors and confirming the deceptive nature of the filing.
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The XRP Community’s Involvement
Criticism has been directed at the XRP community for standing by the fake news. The XRP community is known for standing firmly behind all seemingly good developments concerning their token. A good example was the recent glitch that sent XRP to $247 on the Crypto.com exchange.
James Seyffart, another prominent ETF analyst, highlighted the persistence of some XRP enthusiasts who remained convinced about the legitimacy of the filing despite compelling evidence debunking it. He described their behavior as “Borderline cult mentality. Showing a serious lack of intellectual ability.”
However, not all members of the XRP community exhibited such behavior, with one user pointing out that these “XRP trolls” are just a vocal minority.
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