Recently, there was a rumor about leading blockchain technology company Ripple considering a massive buyback of 10 billion XRP tokens. Ripple’s Chief Technology Officer (CTO) David Schwartz made a statement to address these rumors and clarify the situation. here are the details…
Ripple’s CTO David Schwartz made a statement
In a recent tweet, David Schwartz made it clear that Ripple has no plans to repurchase 10 billion XRP tokens. He flatly denied the rumors circulating in the cryptocurrency community. According to the CTO, reports suggesting a potential buyback were based on misinformation and misunderstanding. Mr. Schwartz emphasized that Ripple adheres to transparency and open communication with its stakeholders. He even stated that it is very important for accurate information to circulate within the cryptocurrency ecosystem, as unfounded rumors can create unnecessary confusion and speculation.
We do sometimes buy XRP. But I don't know of anything specific that this could be referring to. And there's no official source mentioned.
— David "JoelKatz" Schwartz (@JoelKatz) June 25, 2023
Adding to the controversy, John Deaton, a lawyer known for his support of XRP, expressed his skepticism about the buyback report. In his tweet, he stated that he would wait for official confirmation from the Ripple community before coming to any conclusions regarding the potential buyback.
What are XRP members saying?
Community members dug deeper into the source, pointing to a few suspicious red flags. It turns out that the website behind the report was registered in 2023 and supposedly used stock photos for team members. In addition, the website has only published an insufficient number of articles and the Twitter account was created only in the last month. Panok, founder of DigitalGen Financial Services, further discredited the report, stating that it was false and resulted from a scam email.
https://twitter.com/panosmek/status/1672905386515390467
Panok emphasized that Ripple has no incentive to buy 10 billion XRP tokens or any XRP for holding purposes, as their strategic goal is to gradually reduce the token supply over time. The reason behind the spread of this fake news remains unclear. However, this incident highlights the importance of verifying information through official sources in the crypto space. Investors and enthusiasts should be careful and rely on reliable channels to provide accurate and reliable information.
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