Investors Selling Ripple XRP Based On Conspiracy Theorists

A popular crypto investor says he’s considering ditching the XRP community due to the proliferation of “crazy conspiracy theories.”

The anonymous XRP analyst known as King Solomon says on Twitter that his research may be better off elsewhere.

“I might have to leave this community on the basis of content provision reality. Research may be better suited elsewhere. So much conspiracy in this community. I’m getting frustrated… this is about the mindset in general.”

King Solomon’s tweet received hundreds of responses, with many agreeing with his sentiment. Others, however, say some degree of conspiracy is to be expected when it comes to financial technology. Says a Twitter user,

“I appreciate the sentiment of what you are saying. However, I would argue the inescapable truth is that when we discuss a global financial reset, or an upgrade in financial systems, we will forever be correlating the financial elite’s goals, alongside the technology itself.”

The XRP community has circulated numerous theories about the asset and Ripple for years. One popular theory is that XRP is destined to skyrocket to $589, compared to its current value of about $0.25 at time of writing.

Such an appreciation would balloon the market cap of XRP to $58.9 trillion, while the size of the entire world’s economy was $133 trillion in 2019, according to the World Bank.

Despite his dissatisfaction with certain elements of the community, King Solomon appears to still believe in XRP’s value.

“I know where this space ends up. I know what digital assets represent. I know Ripple’s tie ins to the system are real. I know XRP [has] utility. I know what Internet of Value represents. I’ve seen the scramble of Gov’s/FI’s to remain relevant/I know they can’t do it alone.

When Not If.”

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United States authorities have charged a Pennsylvania man with conspiracy to commit wire fraud and extortion via a series of SIM swaps targeting cryptocurrency execs and investors. SIM-swapping — alternatively known as a port-out scam — involves the theft of a cell phone number in order to hijack online financial and social media accounts, enabled by the fact that many firms use automated messages or phone calls to handle customer authentication. As per a Dec. 11 news release from the U. S. Department of Justice, Anthony Francis Faulk, 23, allegedly used “fraud, deception, and social engineering techniques” to persuade telecoms employees to transfer numbers from SIM cards belonging to his targets.  The charges were filed by U. S. Attorney David L. Anderson and FBI Special Agent in Charge John Bennett and were submitted to the U. S. District Court in Northern California. Faulk and his co-conspirators, none of whom are identified, are alleged to have perpetrated their scheme between Oct. 2016 and May 2018. While the court documents do not disclose the amount of allegedly stolen cryptocurrency, the indictment claims that Faulk used the proceeds to purchase a house, a Ferrari and three other cars, jewelry, a Rolex watch, and royalty rights to twenty songs. The ill-gotten property will be subject to criminal forfeiture if Faulk is convicted. Following his arrest, Faulk appeared before a court in the Western District of Pennsylvania on Dec. 11. He has been charged with one count of conspiracy to commit wire fraud and one count of interstate communications with intent to extort. The former charge carries a maximum statutory sentence of 20 years in prison and a $250,000 fine, the latter a maximum statutory sentence of 2 years and likewise, a $250,000 fine. Faulk has temporarily been released on a $250,000 bond and is due to appear in court on Jan. 9, 2020. SIM-swapping has become an increasing concern for law enforcement and has accordingly brought telecoms firms — gatekeepers of user identity data — under the spotlight for their alleged complicity in the crime. Michael Terpin — a blockchain and crypto investor who filed a SIM-swapping-related lawsuit against telecoms provider AT&T — told Cointelegraph that the biggest risk to crypto investors “is that major phone companies promise you security and don’t deliver it.”

All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/pennsylvania-man-charged-with-sim-swap-conspiracy-to-steal-crypto

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United States authorities have charged a Pennsylvania man with conspiracy to commit wire fraud and extortion via a series of SIM swaps targeting cryptocurrency execs and investors. SIM-swapping — alternatively known as a port-out scam — involves the theft of a cell phone number in order to hijack online financial and social media accounts, enabled by the fact that many firms use automated messages or phone calls to handle customer authentication. As per a Dec. 11 news release from the U. S. Department of Justice, Anthony Francis Faulk, 23, allegedly used “fraud, deception, and social engineering techniques” to persuade telecoms employees to transfer numbers from SIM cards belonging to his targets.  The charges were filed by U. S. Attorney David L. Anderson and FBI Special Agent in Charge John Bennett and were submitted to the U. S. District Court in Northern California. Faulk and his co-conspirators, none of whom are identified, are alleged to have perpetrated their scheme between Oct. 2016 and May 2018. While the court documents do not disclose the amount of allegedly stolen cryptocurrency, the indictment claims that Faulk used the proceeds to purchase a house, a Ferrari and three other cars, jewelry, a Rolex watch, and royalty rights to twenty songs. The ill-gotten property will be subject to criminal forfeiture if Faulk is convicted. Following his arrest, Faulk appeared before a court in the Western District of Pennsylvania on Dec. 11. He has been charged with one count of conspiracy to commit wire fraud and one count of interstate communications with intent to extort. The former charge carries a maximum statutory sentence of 20 years in prison and a $250,000 fine, the latter a maximum statutory sentence of 2 years and likewise, a $250,000 fine. Faulk has temporarily been released on a $250,000 bond and is due to appear in court on Jan. 9, 2020. SIM-swapping has become an increasing concern for law enforcement and has accordingly brought telecoms firms — gatekeepers of user identity data — under the spotlight for their alleged complicity in the crime. Michael Terpin — a blockchain and crypto investor who filed a SIM-swapping-related lawsuit against telecoms provider AT&T — told Cointelegraph that the biggest risk to crypto investors “is that major phone companies promise you security and don’t deliver it.”

All data is taken from the source: https://cointelegraph.com/
Article Link: https://cointelegraph.com/news/pennsylvania-man-charged-with-sim-swap-conspiracy-to-steal-crypto

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