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Blockchain pundit calls out crypto publications for targeting the XRP community with misleading content.
A top pundit on X called out crypto publications for using their platforms to publish misleading content, preying on their reader community, and trying to get them to purchase CFT tokens.
The XRP community figure Eri, who was included in a list of best crypto YouTube channels in 2024, spotted a consistent pattern in how some crypto publications report on XRP. These reports suggest that the United Arab Emirates (UAE) and India are using XRP for Oil trading in place of the U.S. Dollars.
She spotted that this report has been circulating for the past three years and is quite suspicious. Eri called out such publications while reacting to a news article published yesterday, which she claims was aimed at promoting the purchase of CTF tokens.
👉Headline from August 2023
Look Familiar?
How many times can Crypto News Flash keep publishing this misleading/false story, preying on the #XRP Community to buy their CFT Token?Many more times apparently.
Looks like a setup for 3 years in a row. https://t.co/4dbRAMTjre pic.twitter.com/n65YE9K5y0— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) August 14, 2024
Eri believes that the article published yesterday and the one published last year were both promotional content for the CTF Token targeting the XRP community. Other XRP community members reacted to the disclosure, corroborating her assertions and their concerns about the impact of such misinformation on the crypto space.
One user stated how such messaging damages the reputation of XRP and makes the crypto space unsafe for investors.
Meanwhile, in another disclosure, Eri in another X post on August 6 pointed out another sponsored post involving XRP and JP Morgan. The post suggested that the banking giants now accept XRP for credit card and Mortgage payments.
Fact Check: Did India Buy oil from the UAE using XRP
An investigation carried out by The Crypto Basic revealed that the Oil deal between India and the UAE was done in the local currencies of both countries and not XRP. The transaction was rather run through the XRP ledger system that rewards users with CTF tokens as cashback.
Other crypto media outlets regurgitated this report, and key facts like the date and the financial value of the oil deal were missing. The Crypto Basic could not obtain any significant information about an oil deal between the UAE and India that is occurring this month.
In July 2023, India made its first-ever rupee payment for the purchase of I million barrels of crude oil from the UAE, per a Business Standard report.