Over $60 Million Lost Due To Massive Cointelegraph Blunder
Cointelegraph, a popular crypto-oriented news media outlet, recently shared a message on X without obtaining prior editorial approval, falsely claiming that the United States Securities and Exchange Commission (SEC) had granted approval for a Bitcoin ETF (Exchange Traded Fund) to BlackRock. The fake news announcement has since resulted in over $60 million in losses for traders around the globe.
This erroneous information stemmed via an unverified screenshot posted by a user on X. Cointelegraph published a story about the alleged endorsement of the iShares Bitcoin ETF, which garnered over 500,000 views and triggered heightened volatility in the cryptocurrency market shortly after being disseminated.
An internal inquiry determined that Cointelegraph failed to follow its standard procedure of verifying sources before posting breaking news on social media. In response, they are now conducting a comprehensive review and audit of their social media management processes, particularly focusing on the authentication of breaking news prior to publication.
When Cointelegraph initially reported on the BTC ETF, Bitcoin saw its value surge to $30,000 for the first time in months, but it subsequently receded after confirmation that the announcement was indeed false.
More worryingly, there is significant concern that federal regulators may utilize this blunder as a prime example of market manipulation and use it to fuel their crackdown on the crypto industry.
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