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Crypto Fake News: False Claims on Blackrock ETFs and Now Roblox XRP Support – What’s Going On?

The crypto world has been riddled with misinformation in just the past week. Initially, a misleading report alleged that BlackRock Inc. had been authorized to roll out a spot Bitcoin (BTC) exchange-traded fund (ETF), which propelled Bitcoin’s price from $27,900 to a peak of $30,000.

In the wake of this misinformation, the US Securities and Exchange Commission (SEC) sounded the alarm, questioning the credibility of online sources.

A subsequent incident of a similar nature has now emerged, casting doubts among crypto enthusiasts and challenging the integrity of crypto journalism.

Roblox Denies XRP Support

On Tuesday, buzz emerged suggesting a partnership between Ripple (XRP) and the top gaming platform, Roblox, to integrate its token for in-game transactions.

Contrary to these claims, Roblox quickly debunked the rumors, labeling the information as “untrue.” A representative from Roblox clarified that the platform solely accepts payments via credit cards, debit cards, gift cards, PayPal, Venmo, Klarna, CVS Pharmacy transactions, and Paysafecard for in-game purchases.

The origin of these speculations can be traced back to a post by the cryptocurrency payment provider, BitPay, on X (Tweet). The post implied that XRP holders could utilize the token for Xsolla transactions in certain supported games, notably referencing Smite and Roblox.

Subsequently, BitPay removed the post after Roblox communicated to Decrypt that the shared information was erroneous.

“We’ve come across several pieces on this topic, and the information they contain isn’t correct,” stated Roblox.

A representative from BitPay also verified that Roblox does not embrace cryptocurrencies such as Bitcoin or XRP for payments. However, Xsolla remains an active payment provider for the gaming platform.

On Tuesday, well-known crypto enthusiast Scott Melker took to Twitter suggesting that Roblox was collaborating with BitPay to integrate XRP, hinting at a “brighter legal horizon for the token.”

In response, Roblox firmly restated that there was no alliance with BitPay and that XRP wouldn’t be incorporated into their payment methods.

Subsequently, BitPay acknowledged the oversight in their Tweet. “There was a mistake in our recent post. We’ll be sharing more about merchants embracing cryptocurrencies soon. Keep an eye out,” expressed BitPay’s Chief Marketing Officer, Bill Zielke.

Fake News Propaganda in Crypto

The crypto domain isn’t unfamiliar with the proliferation of false information.

Back in 2021, Litecoin’s value experienced a dramatic 30% upswing, propelled by a counterfeit press release alleging that retail behemoth Walmart had greenlit Litecoin as a viable payment option. Similarly, that year saw another fictitious assertion stating that the SEC had shelved a lawsuit targeting Ripple.

In each scenario, the implicated companies – Walmart, Ripple, and Litecoin – promptly clarified their positions and denounced the misleading reports, underlining their deceptive character.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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