Fake BlackRock XRP Trust Rocks Market 🪨

GM. This is Degen Scoop. It’s Tuesday, here’s what we’ll be covering today:

• Fake BlackRock XRP Trust Rocks Market 🪨

• Genesis Settling $1B in Claims With 3AC ⚖️

• The Story of GROK 📖

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Fake XRP Trust From BlackRock Sees Token Rise and Fall

Today, XRP experienced a sudden 12% surge as a result of a deceptive filing in Delaware that falsely claimed BlackRock's involvement in an "iShares XRP Trust." However, BlackRock clarified that the filing was fake, mirroring their recent legitimate registration for an iShares Ethereum Trust.

The pump came and went with haste once users found out the registration was a fake. The Ethereum registration had preceded an ETF filing, contributing to a surge in Ethereum's value which is why speculators began to rally into the trade.

While spot ETF expectations continue for Bitcoin and Ethereum alike, misinformation and fake reports contribute to market volatility. This is all too reminiscent of a previous false SEC approval report causing a temporary 10% BTC price spike by the alleged CoinTelegraph intern.

Genesis In Process of Settling $1B in Claims With Three Arrows Capital

Genesis, the bankrupt crypto lender, is set to settle $1B in claims by the defunct crypto hedge fund Three Arrows Capital (3AC) with a payment of $33M, according to court documents. The co-founder of 3AC currently resides in jail as a result of his activities with 3AC.

The claims pertain to transfers made before Genesis' own bankruptcy in January. We saw a similar scene play out yesterday where FTX is suing Bybit for withdrawing funds just prior to the fall of FTX. While favors may have been done in the moment, it ultimately comes back to the court to claw back those funds.

The proposed settlement, reached after extensive negotiations, awaits approval from a New York bankruptcy court, with a hearing scheduled for Nov. 30. Genesis had also filed $1.2B in claims against 3AC in July 2022. The hedge fund's collapse in June 2022 was an early contagion event for the industry followed by FTX in the months following.

The Rise and Fall of GROK

In just eight days after its debut, the Grok token, despite being unofficially associated with Elon Musk's AI service, achieved a $160M market cap. The GROK token's value surged by 13,000% over the week, reaching an all-time high of $0.02, but faced fluctuations, dropping to $78 million at one point.

Despite having 11,500 holders and notable trading volumes, the limited liquidity for GROK raises the risk of a price crash. The meme coin's popularity is linked to the Grok AI chatbot, launched by X, although the tokens are not officially affiliated with the AI service.

The GROK token's meteoric rise echoes the trend of meme-driven narratives in the crypto space, where tokens gain substantial valuations based on memetic value and degeneracy. Elon Musk's engagement with meme-related tokens and projects adds another layer to the speculative nature of such ventures which continue to succeed despite better judgment.

The BIGGEST NFT Sales in the Last 24 Hours:

Notable Threads You Might Have Missed:

Meme of the Day

If you think your memes are better, submit them to the newsletter and get featured for your work!

Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

Thank you for reading, if you enjoyed this please subscribe if you haven’t already! If you’ve already subscribed, please consider sharing this!

DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.