Bitcoin ETF fake news source? The same message was released earlier by Cointelegraph.

"Is the Bitcoin market too large to manipulate?" On the evening of 10/16, a piece of fake news from a media outlet caused Bitcoin to surge to 30K; shortly after being confirmed as false information, the price quickly dropped back to 28K. Blockchain detective ZachXBT stated that the fake news from the media outlet Cointelegraph may have originated from a social media post.

Bitcoin ETF Fake News Sends BTC Soaring to 30K

On the evening of 9/16 at 21:21, the media outlet Cointelegraph tweeted: "Breaking: SEC approves iShares Bitcoin Spot ETF," causing Bitcoin to surge dramatically, even reaching 30K. However, BlackRock quickly clarified that this was fake news. Analysts bullish on a Bitcoin spot ETF also considered it to be false. The price of Bitcoin quickly retreated, and Cointelegraph issued a public apology, stating that they would promptly announce the results of an internal investigation.

Blockchain Detectives: Same Information Appeared Earlier in Communities

Blockchain detective ZachXBT indicated that the fake news from Cointelegraph might have been copied from community rumors. The identical text had already surfaced in community discussions before Cointelegraph's fake news was published, and once discovered to be false, it was deleted.

A user in this Telegram channel posted the exact same fake news reported by CoinTelegraph 39 minutes before their tweet.

After they deleted their message and account. pic.twitter.com/CP98ex56ZU

— ZachXBT (@zachxbt) October 16, 2023

Losing Nearly 50K in 10 Minutes! Whale Loses Due to Fake News

The Cointelegraph Twitter account posted fake news about a Bitcoin spot ETF, leading a crypto whale to buy $610,000 worth of Bitcoin, only to sell it for $560,000 after confirming it was fake news. This all happened within a span of ten minutes.

Furthermore, it was estimated that this fake news incident caused a liquidation of $100 million in the futures market.

Cointelegraph’s fake news that the SEC approved iShares Bitcoin Spot #ETF has caused many users to #FOMO and lose money.

A whale spent 613,201 $USDC to buy 20.5 $WBTC and quickly sold for 563,970 $USDC after it was confirmed fake news.

The whale lost $49K in just 10 minutes! pic.twitter.com/8YSPPjCvbr

— Lookonchain (@lookonchain) October 16, 2023

The Misreported News Stories

Misreport: "Banking Industry Cryptocurrency Trading Regulations to Be Announced in September," a reconstruction of the Financial Supervisory Commission's questioning scene

Misreport: "Government Investigating Cryptocurrency Inheritance Tax," what was the truth behind the Ministry of Justice's Executive Yuan document?

American comedian Samuel Hyde mistaken for FTX hacker by the media

Media misreport: "Big Short protagonist Michael Burry buys $10 million in put options," testing readers' reading comprehension