'Fake' XRP Classic Token Surfaces, Most Likely a Scam, Ripple Supporters Claim

An Ethereum ERC-20 compliant token called “XRP Classic” (XRPC) has surfaced and it has recorded $526 in trading volume in the past 24 hours.

Looking at other details related to XRP Classic show that its total supply is around 645 billion XRPC, however CoinMarketCap’s market data tools have not been able to track its circulating supply. Notably, the Ethereum-based token uses the same logo as Ripple but in an orange color (instead of blue).

According to XRP Classic’s website, the XRPC token is based on a decentralized blockchain network. The site also claims that the XRP Classic platform allows all XRPC tokens to be traded via an automated system. Going through XRP Classic’s whitepaper reveals that it is also supposed to be a platform for creating marketplaces for freelancers.

A Decentralized Marketplace For Freelancers?

As noted in the whitepaper: "XRP Classic is a modern age freelance marketplace created with the aim to resolve all such issues faced by traditional freelance industry and enable seamless, risk-free connectivity between freelancers and buyers at minimal costs.”

As described in the formal write-up, the XRP Classic platform aims to “serve as a state-of-the-art peer-to-peer (P2P) marketplace” for freelancers and the companies looking for professionals to complete various projects. Similar to how many other blockchain-based services operate, XRP Classic’s freelance network does not “involve a middleman and allows [freelancers] to create potential long-term collaborations ... getting a fair share for their efforts while buyer getting quality work at optimal rates.”

"Retweet" Warning Against Potential Scam 

However, XRP supporters have said that XRP Classic is clearly a scam. Expressing his frustration and disappointment regarding the new XRPC token, Twitter user AleXRP (@Alexcryptox) remarked: “WHAT SCAM IS XRP CLASSIC AND WHY IS COINMARKET CAP LISTING IT!!'

In order to spread awareness about the alleged scam, AleXRP asked his followers to “wildly” retweet his warning message. The corporate executive trainer also wrote that the crypto space needs a proper regulatory framework so that people are protected from fraudulent activities.

Some social media users suggested that XRP Classic might even be a harmless joke, however AleXRP insisted that XRP Classic was being promoted by “an active malicious group trying to get a fake coin on the market.” Meanwhile, Wendy Moon (@RippleyMoon), another XRP supporter, observed that XRP Classic’s Twitter account already had 4,000 followers - which she said was “disconcerting.”

JPMorgan Chase Accused of Fixing Metal Prices Despite Talk of Bitcoin Market Manipulation

  • Wall Street giant JPMorgan Chase's metals desk has been accused of 'thousands' of trades related to price-fixing.
  • US prosecutors have invoked RICO laws against the bank which are reserved for organized crime rings. 

While the U.S. Securities & Exchange Commission (SEC) and other regulatory bodies have been critical of bitcoin over market manipulation, new reports reveal that JPMorgan Chase is facing allegations of fixing prices for precious metals. 

JPMorgan Chase Price-Fixing

According to a report by Bloomberg on Sept. 16, U.S. prosecutors have invoked the racketeering law (RICO) against JPMorgan Chase’s metals desk, which is being described as a criminal enterprise. For nearly a decade, employees of the trading desk have allegedly engaged in thousands of illegal moves to price-fix precious metals and defraud market investors. 

Assistant Attorney General Brian Benczkowski told journalists, 

Based on the fact that it was conduct that was widespread on the desk, it was engaged in in thousands of episodes over an eight-year period -- that it is precisely the kind of conduct that the RICO statute is meant to punish.

RICO is typically reserved for only the most severe, organized crime rings, with former prosecutors calling it a bold move by the Justice Department against the bank. Prosecutors claim that more than a dozen employees participated in the scheme, with two having already pleaded guilty and cooperating with authorities. 

Crypto supporters have been quick to point out the irony in JPMorgan’s situation. Jamie Dimon, CEO of the Wall Street bank, has been one of the most vocal detractors of bitcoin over the years, famously calling the crypto-asset a “fraud” in Sept. 2017.

 

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