A recent rumor circulated about Ripple, the prominent blockchain technology company, considering a massive repurchase of 10 billion XRP tokens. However, Ripple’s Chief Technology Officer (CTO), David Schwartz, has stepped forward to address these rumors and provide clarity on the situation.
Ripple’s CTO David Schwartz Clarifies, No Plans for XRP Buyback
In a recent tweet, David Schwartz categorically stated that Ripple has no plans to repurchase 10 billion XRP tokens. He unequivocally denied the rumors that have been circulating in the cryptocurrency community.
According to the CTO, the reports suggesting a potential buyback were based on misinformation and misunderstandings. Mr. Schwartz emphasized that Ripple remains committed to transparency and open communication with its stakeholders. He even mentions that it is crucial for accurate information to circulate within the cryptocurrency ecosystem, as unfounded rumors can create unnecessary confusion and speculation.
Adding to the discussion, John Deaton, a lawyer known for his support of XRP, expressed his skepticism about the repurchase report. In his tweet, he mentioned that he would await an official confirmation from the Ripple community before drawing any conclusions about the potential buyback.
XRP Community Highlights Red Flags in Report of Ripple’s Token Repurchase
Members of the community delved deeper into the source, pointing out several red flags that raised suspicions. It was revealed that the website behind the report was registered in 2023 and utilized stock photos for its supposed team members. Additionally, the website had only published a meager number of articles, and its Twitter account was created just last month.
Further discrediting the report, Panok, the founder of DigitalGen Financial Services, labeled it as false and originating from a scam email. Panok emphasized that Ripple has no incentive to purchase 10 billion XRP tokens or any XRP for holding purposes, as their strategic goal is to gradually reduce the token supply over time.
The motive behind disseminating this fake news remains unclear. However, this incident underscores the paramount importance of verifying information through official sources within the crypto space. Investors and enthusiasts should exercise caution and rely on trusted channels to ensure accurate and reliable information.
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