XRP Traders Lose Millions After Falling for Fake ETF Rumor
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XRP futures traders lost $7.26 million in 24 hours due to wild price swings following a fake BlackRock ETF filing rumor.
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Prices jumped from 65 cents to 73 cents after a tweet suggested BlackRock filed for an XRP ETF, amplifying prices.
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The filing turned out to be fake - someone replicated a form using an executive's alias. Prices then tumbled back down.
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Over 75% of liquidated traders were longs who placed nearly $5 million in orders without confirming filing authenticity.
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Most trades were on Binance and Bybit with position sizes from thousands up to over $200,000.