First fake regulatory filing sent Blackrock's XRP crypto to the moon

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By Matthew Griffin Security and Privacy 1st December 2023

WHY THIS MATTERS IN BRIEF

The first fake regulatory filing for a crypto project shows just how brazen criminals are getting about making money from scams.

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There are many ways that criminals can make a fast buck or two, such as DeepFake crypto scams and pump and dumps, to name but two, but this is the first time that anyone has seen criminals use a fake regulatory filing to, in this case, artificially pump up the value of a cryptocurrency for profit and gain – much to the chagrin of regulators and in this case Blackrock.

Most recently, ETF analysts at Bloomberg noted that there’s a small window during which the Securities and Exchange Commission could approve at least 12 pending Bitcoin ETF applications. That’s because the SEC pushed the deadline on all its Bitcoin ETF filings to Nov. 18 and the period for comments just elapsed. But so far there’s been no word on whether the SEC plans to approve any of them.

Besides the falsified XRP trust name registration there’s been other fake news relating to would be filings emerging while the industry waits on any ETF approval – in October, a false report about the SEC having approved the BlackRock Bitcoin ETF application sent the BTC price up by 10% before it too crashed back down. So does this fake filing signal a new front in the fight against crime? Yes, and now it’s down to the regulators to figure out how to prevent more of them in the future.

Matthew Griffin / About Author

Matthew Griffin, described as a "Walking encyclopaedia of the future" by NASA and a futurist polymath, is one of the world's most renowned futurists and strategic foresight experts. A serial entrepreneur Matthew is the Founder and Futurist in Chief of the 311 Institute, a global Futures and Deep Futures advisory firm working across the next 50 years, XPotential University, the world's first free futures and foresight university, and the World Futures Forum which works with the United Nations to solve the worlds greatest challenges. 13 times author of the Codex of the Future series, Matthew is an in demand international keynote, acclaimed university lecturer, and host of the hit Fanatical Futurist podcast.

A rare talent in his past Matthew helped build and run several multi-billion dollar business units for Atos, Dell-EMC, and IBM, and his ability to identify, track, and explain the impacts of hundreds of emerging technologies and trends on global business, culture, and society has earned him a powerful reputation and a roster of clients that include royal households, world leaders, G7, G20, and G77+ governments, and many of the world's most respected brands including ABB, Accenture, Adidas, AON, ARM, BCG, Centrica, Citi Group, Coca Cola, Dentons, Deloitte, Disney, EY, KPMG, Lego, Legal & General, LinkedIn, Microsoft, Pepsi Co, Qualcomm, RWE, Samsung, T-Mobile, UBS, VISA, and many others. He was also the only futurist invited to talk at the UN COP28 held in Dubai alongside world leaders.

Regularly featured in the global media including the AP, BBC, Bloomberg, CNBC, Discovery, Forbes, Khaleej Times, Telegraph, TIME, ViacomCBS, WIRED, and the WSJ, Matthews mission is to help organisations create a fair and sustainable future whose benefits are shared by everyone irrespective of their ability, background, or circumstances.