The $500 Trick That Sent XRP Soaring? Lawyer Jeremy Hogan Weighs In

In a recent tweet, lawyer Jeremy Hogan (@attorneyjeremy1) exposed a potentially alarming loophole that allows for the fraudulent creation of an “XRP ETF” Trust. According to Hogan, perpetrating this fraud is surprisingly straightforward and comes with a cost of just $500.

Hogan detailed the process, revealing that with just two filed documents (attached to the tweet), a payment of $500, and minimal effort, one can secure a “placeholder” on the state website for the fake XRP ETF. The ease with which this can be accomplished highlights the vulnerability of the crypto markets to manipulation.

The tweet serves as a warning to investors and regulatory bodies about the potential consequences of such fraudulent activities. Hogan emphasized the deceptive nature of this scheme, highlighting the dangers it poses to market integrity.

Yesterday, the price of XRP surged to over 70 cents based on an XRP ETF announcement. Rumors circulated on social media that BlackRock was attempting to launch an XRP ETF. BlackRock later denied the rumors, stating that the regulatory filing suggesting their involvement was fake. The asset manager clarified that it had no plans to launch an XRP ETF.

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XRP’s price experienced a significant spike, jumping more than 10% before gradually receding to its pre-news intraday price of around 65 cents.