Nearly 24 hours after the news of BlackRock’s supposed exchange-traded fund based on XRP broke, the application is still live despite the heated dispute about its authenticity.
Within the last 24 hours, the crypto community spotted BlackRock iShares XRP Trust on the Delaware Corporation Commission website. The discovery led to a rapid surge in XRP’s value within minutes.
However, prominent figures in the crypto community have contested the authenticity of the BlackRock XRP ETF filing. They argued it was a counterfeit submission despite the application being visible on the Delaware State government portal.
At press time, the XRP ETF application, which many believe to be fake, remains on the government portal even after garnering significant comments from critics.
Opposing Claims
One of the leading commenters on the matter was attorney Jeremy Hogan. He argued an XRP ETF application is falsifiable with a few hundred dollars. In particular, Hogan contended that the presence of such a document on a state government portal is no proof of its authenticity.
According to the lawyer, anyone “can spoof the formation of an XRP ETF Trust” with a mere $500. He elaborated that a fake submission can get a placeholder on the state website with “only two documents” and payment of the specified fee.
You can spoof the formation of an "XRP ETF" Trust.
It's fraud, but it's actually very easy and just costs $500.
You only need to file two documents (attached), pay the money, and you get a "placeholder" on the state website.
That's all I can tell you-other than "good night!" pic.twitter.com/0ZuHigrxWU
— Jeremy Hogan (@attorneyjeremy1) November 14, 2023
Similarly, a Senior ETF Analyst for Bloomberg, Eric Balchunas, tweeted a screenshot of the yet subsistent XRP ETF application, proclaiming, “This is false!”
Balchunas concluded based on information he claimed to have gotten from BlackRock’s insiders.
This is false! Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. Cmon man. pic.twitter.com/cDpnycYwjQ
— Eric Balchunas (@EricBalchunas) November 13, 2023
Despite these counterclaims, The Crypto Basic can confirm the so-called sham XRP ETF filing has not been taken down. This singular fact has fueled more confusion about the authenticity of the XRP ETF.
X user SurSugarTits, who staunchly maintains the application was genuine, highlighted that the XRP ETF was listed as “in good standing.” Moreover, he noted that the filing shares the same origin as the confirmed BlackRock ETH ETF submitted on November 9.
“So, they are either both real or they are both fake,” he concluded.
No Offical Statement Denying the XRP ETF
Besides, BlackRock’s silence on the disputed XRP ETF has not helped the situation. Recall that CEO Larry Fink quickly issued a denial statement last month when Cointelegraph falsely reported on the approval of BlackRock’s Bitcoin spot ETF.
In this case, however, neither BlackRock’s CEO nor any recognized representative of the firm has publicly debunked the XRP ETF. This is despite the repeated calls for clarification in the crypto community.
It is worth mentioning that the statements of denial so far available on the XRP ETF are claims through third parties.
Previous Fake ETF
Interestingly, this mysterious ETF submission is not happening for the first time. In 2021, some people impersonated Grayscale to file a fake ETF via the same Delaware Corporation website. However, the development was quickly debunked.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
