XRP

The $60M plan to short and convert XRP holders in a hostile takeover

Shaan describes a friend who raised $60-70M to take a massive short position on XRP (then ~$20B market cap) and simultaneously run a campaign offering holders a declining trade-in ratio to a 'legitimate' coin, engineering a GameStop-style cascade. An investor leaked it, XRP's team collateralized with ~$400M, and the attack collapsed.

“He raised like $60, $70 million to take a giant short position. And in crypto, $60, $70 million could do a lot of damage. And then also had a campaign where any XRP holder— so he's going to short it massively, which would cause the price to just tank.”