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Delaware DOJ Launches Investigation into False BlackRock Ripple ETF Filing

Delaware DOJ Launches Investigation into False BlackRock Ripple ETF Filing

The Delaware Department of Justice (DOJ) is investigating a counterfeit Blackrock iShares XRP Trust that masqueraded as a genuine Ripple (XRP) exchange-traded-fund (ETF). The spurious claim caused a swift but short-lived 12% rally in Ripple’s market value before being exposed as fraudulent.

Identical Information in Fake and Genuine Filings Piques Interest

Interestingly, the fraudulent XRP ETF filing highly resembled a legitimate ETF filing by BlackRock for its iShares Ethereum Trust. Both shared the same contact details and address, adding a veneer of credibility to the counterfeit claim. However, once the scam was outed, the token’s price plummeted from $0.71 to $0.65.

Confirming the scam, a spokesperson from BlackRock, the renowned asset management titan, stressed that the firm had not attempted to launch the alleged fund. Furthermore, the giant categorically stated that the fund is bogus.

Delaware’s Department of Justice Steps In

The undesirable incident has triggered a formal investigation by the Delaware DOJ. By stepping in, the DOJ aims not only to unveil the truth behind the fallacious filing but also to prevent such perverse circumstances from recurring and thereby preserve the credibility of the state’s blockchain and crypto ventures.

Speculations Abound Amid Silence from BlackRock

Amidst all the turbulence, it’s worth noting that, strangely, BlackRock has not yet issued any public statements regarding the phony filing. Furthermore adding to the suspicion, the counterfeit filing continues to appear on the Delaware’s Department of Corporations website. This conspicuous silence and lack of quick action led to a wave of conjectures over the genuineness of the claim, despite BlackRock’s previous denial.

BlackRock’s Crypto Files & Delaware’s History with Fake Filings

BlackRock, a global asset management mammoth, has in the past filed ETFs for Bitcoin and Ether. Its history in dealing with cryptocurrency based ETF spotlights an interesting context against the backdrop of fraudulent Ripple ETF listing.

It is also noteworthy that this isn’t the first occurrence of a false filing appearing on Delaware’s corporate registration. Several such cases have peppered the state’s history, casting a shadow on its reputation as a blockchain and fintech-friendly jurisdiction.

Summing up, the recent false BlackRock Ripple ETF filing has surely stirred the cryptomarket, shaking investor confidence for a while. And while the dust settles after this incident, one thing is for certain – vigilance and scrutiny are key in this rapidly evolving and sometimes volatile market. Holders, investors, and regulators alike need to stay alert to keep the field safe and reliable for everyone in the game.

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