In response to recent rumours about an impending launch of the XRP ETF, pro-Ripple attorney Jeremy Hogan discussed how easy fraudsters may fabricate such bogus news in order to make enormous profits.
Lawyer Jeremy Hogan, who follows the Ripple case against the SEC and believes that XRP is a good asset class, has made reference to the recent announcement that BlackRock plans to apply for an exchange-traded fund based on XRP on the X social networking site.
The XRP token, which is associated with Ripple, saw a 12% price drop following an astonishing 15.76% price spike, peaking at $0.75, however BlackRock rejected these rumours as a scam. Hogan has dissected how simple it would be for any con artist to fabricate a fake like this for very little money, earning millions of dollars in profit.
Ripple Advocate Exposes Fake XRP ETF Scheme: Details Unveiled,Ripple Advocate Exposes Fake XRP ETF Scheme: Details Unveiled
Hogan’s message here is to caution the XRP army to verify information before acting on it and to view it with suspicion. “It’s actually very easy and just costs $500” According to Hogan’s tweet, it is quite simple to fabricate the creation of a “XRP ETF” trust.
The important thing to emphasise was that “it’s fraud, but it’s actually very easy and just costs $500.” Samples of two documents that must be submitted to the authorities were provided by the attorney, after which “you get a ‘placeholder’ on the state website.”
He brought up the recent instance in which, after BlackRock announced that it intended to submit an application for an Ethereum spot ETF, the price of Ethereum immediately shot up and recovered its peak of $2,100 on November 10.
According to Hogan, the fraudster who leaked the information that BlackRock had filed for an XRP ETF may be able to gain $2 million or $3 million by using leverage to purchase $100,000 in cryptocurrency, which they could then sell once XRP reached $0.74.
He thought there was a possibility that BlackRock had filed this filing; the fund manager, however, refuted that as a scam and phoney rumour.
Bitstamp receives 24 million XRP as the price rises quickly. A large transaction of 24,000,000 XRP was discovered a little over 14 hours ago, according to well-known cryptocurrency tracking site Whale Alert. During this time, the price of XRP first increased before falling by 12%. This quantity of digital currency is worth a substantial $15,616,660 in US dollars.
The sender address r4wf7enWPxyHtbizyV7ZHiZi5XgwHh4Rzn, according to data given by Bithomp XRP explorer, is tied to Ripple Labs crypto decacorn. This wallet has been transmitting up to 30 million XRP each month to Bitstamp and Bitso, two cryptocurrency exchanges, during the last few months.
It is well known that these platforms work with Ripple on its Ripple Payments product. It is powered by RippleNet and makes use of XRP for cross-border transactions. This year, the product’s name became known because Ripple renamed it from On-Demand Liquidity (ODL).
Ripple Advocate Exposes Fake XRP ETF Scheme: Details Unveiled,Ripple Advocate Exposes Fake XRP ETF Scheme: Details Unveiled,Ripple Advocate Exposes Fake XRP ETF Scheme: Details Unveiled , Ripple coin Crypto news, Ripple coin News