XRP ETF Filing Fiasco: BlackRock Impersonator Causes Ripple Effect
Submission of False BlackRock XRP Report Referred to Delaware Department of Justice
Fake BlackRock XRP filing sent to Delaware DOJ
If you thought the world of cryptocurrencies couldn’t get any crazier, buckle up because we’ve got a doozy for you! Delaware’s Department of Justice is now investigating an audacious impostor who recently pulled off a hilarious stunt involving asset management giant, BlackRock. This cheeky imposter filed paperwork suggesting that BlackRock was gearing up to launch a spot XRP exchange-traded fund (ETF). Talk about turning up the heat on the XRP token!
This rogue filing, which still managed to linger on the Delaware Department of State’s Division of Corporations website, caused quite the stir among crypto enthusiasts. And why wouldn’t it? It looked like a spitting image of the authentic paperwork filed just days before by BlackRock for their iShares Ethereum Trust. I mean, really, who needs originality when you can just hit copy and paste, right?
The moment this fake filing hit the market, XRP went on a wild ride, soaring more than 10% higher. Investors were frothing at the mouth, thinking they had hit the crypto jackpot. But alas, dear readers, life has a way of dashing our dreams. A BlackRock spokesperson quickly hosed down the excitement, affirming that the renowned asset management firm had absolutely no intention of launching an XRP ETF. Bummer!
Right now, Delaware’s Department of Justice is trying to figure out who the mastermind behind this audacious con is. Seriously, folks, how did someone manage to pull off such a stunt? It seems that the process of filing for a Trust isn’t exactly Fort Knox level secure. Apparently, all you need is a bit of chutzpah and a talent for filling out interactive PDF forms. Let me assure you, if there were any Oscars for fraudulent impersonations, this imposter would surely be in the running!
According to the Delaware Department’s website, forming a new business entity only requires seven steps. Seven measly steps! That’s like asking a toddler to put their toys back in the box. One of the crucial steps is getting a registered agent in Delaware, which could be a resident or a legitimate business entity. But here’s the kicker, folks: it seems all the imposter did was copy and paste the registered agent’s name and info from the legitimate filing. Talk about taking shortcuts!
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As we eagerly await Delaware’s Department of Justice to crack this case wide open, one thing becomes crystal clear: the world of cryptocurrencies is a wild and wacky place where mischief and hilarity can strike at any moment. So, my fellow digital asset enthusiasts, keep your eyes peeled and your sense of humor intact. Who knows what unexpected surprises lie ahead on this rollercoaster ride? Stay tuned, cryptonauts!
*Original content: Delaware’s Department of Justice may be investigating a fake filing Monday that suggested asset management giant BlackRock (BLK) was prepping the launch of a spot XRP exchange-traded fund (ETF).
The filing, which still appeared on the Delaware Department of State’s Division of Corporations website as of 2:30 p.m. ET on Tuesday, is largely identical to last week’s legitimate paperwork from BlackRock regarding its iShares Ethereum Trust product. That filing appeared last week just hours before the company submitted an application to U.S regulators for a spot ether ETF.
The fake XRP filing in minutes sent the token higher by more than 10% before a BlackRock spokesperson told CoinDesk it was not attempting to launch such a fund.
A spokesperson for the Delaware Department of State told CoinDesk on Tuesday that the matter had been referred to the state’s Department of Justice.
“Our only comment is that this matter has been referred to the Delaware Department of Justice,” the spokesperson said.
A spokesperson for the Department of Justice did not immediately return a request for comment.
Questions have risen about the level of difficulty for filing for a Trust under a false name and entity and the verification process behind it. According to the Delaware website, there are seven steps required to form a new business entity, all of which seem to be able to be done by filling out interactive PDF forms on the website.
The most important requirement seems to be that an entity must obtain a registered agent in the State of Delaware, which can either be a resident or a business entity that is legally allowed to do business in the state. However, it seems that if the name and address are all that’s required, it could easily be copied from another filing. In this case, the pretender appeared to do little more than copy/paste the registered agent – Daniel Schwieger, a managing director at BlackRock according to his LinkedIn profile – from the legitimate filing.*
Edited by Stephen Alpher.