In response to the blame, Deaton shared a post emphasizing the importance of strategic cryptocurrency investments.
XRP lawyer John E Deaton has shared financial advise in response to Josh Butt, an investor’s blame for losses incurred due to a fake post regarding BlackRock filing for an iShares XRP Trust entity in Delaware.
In response to the blame, Deaton, on Nov. 18, shared a post saying that he would give ‘financial advice’ for the first time on the X platform while emphasizing the importance of strategic cryptocurrency investments. Meanwhile, offering a unique perspective, he advised against buying assets solely based on FOMO-induced news.
Josh Butts took to the X platform to express his frustration, claiming financial losses resulting from Deaton’s misleading post. He asserted that he and friends he shared the post with fell victim to FOMO, buying XRP based on the false news.
Because of the post below, I’m going to do something I’ve never done on this site: I’m going to give financial advice on how to profit off fomo.
You don’t buy any asset based on the new “news” causing people to fomo. That’s when you SELL the asset. Let’s use XRP as an example. https://t.co/iw1lKEdLrB
— John E Deaton (@JohnEDeaton1) November 18, 2023
In reply, the XRP attorney justified his actions, emphasizing the initial validity of the filing with the Delaware Secretary of State. He also stressed the subsequent removal of the post and his dedication to promptly rectifying the misinformation.
Deaton advocated buying when prices are low and selling when FOMO sets in. Drawing from experience, he cautioned against relying on social media for breaking news, urging investors to focus on strategic buying and selling practices.
Related: XRP spike on hoax filing a ‘bad look’ but won’t sway SEC’s ETF approvals
The incident serves as a cautionary tale in the volatile world of cryptocurrencies, emphasizing the need for prudent decision-making. Notably, investors and influencers are urged to exercise diligence in verifying information, especially in digital assets’ fast-paced and reactive realm.
In a statement on Nov. 14, a representative from the Delaware Department of State informed Cointelegraph that the erroneous submission asserting that asset manager BlackRock registered an “iShares XRP Trust” would be forwarded to the Delaware Department of Justice. The fabricated XRP trust filing suggested the potential launch of an XRP-linked exchange-traded fund (ETF) in the United States by BlackRock, a significant development for the cryptocurrency industry.
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