Media Misreported "Big Short Protagonist Michael Burry Buys $10 Million in Put Options," Testing Readers' Reading Comprehension

In the bear market, the cryptocurrency media's eagerness for topics has reached a point where every little thing is seen as a big deal. "Joke posts" frequently seen on Twitter are often mistaken as real news by the media. Co-founder of the on-chain options trading platform Aevo, @juliankoh, made a joke on Twitter, which led to consecutive false reports by the media. However, it was not difficult at all to discern the truth.

Media Misreporting: Key Figure in Big Short Michael Burry Buys $10 Million in Put Options

Former Coinbase engineer Julian Koh, co-founder of DeFi protocol Ribbon Finance and on-chain options trading platform Aevo, tweeted stating that Michael Burry, the key figure in the Big Short, purchased $1.6 billion in put options in traditional finance, while also buying $10 million in put options for Bitcoin and Ethereum on his own exchange, Aevo. Posted on: 8/15 19:54

However, Julian Koh quickly clarified within less than 20 minutes, stating, "Just kidding." Posted on: 8/15 20:09

This led to media misreporting:

Example One

Example Two

Fact-Checking: Media Misreporting Tests Readers' Discernment

Julian Koh's statement to admitting it was a joke was only 13 minutes apart, yet the crypto media chose to publish with sensational headlines without verification. If readers believe it to be true, it could lead to disastrous investment decisions.

What are the correct and incorrect rumors about Michael Burry's bearish stance? Crypto media has a responsibility to fact-check. If the media chooses to take shortcuts, readers will be left to fend for themselves.

Verification: Is Michael Burry Really Bearish?

Is Michael Burry Bearish on Traditional Finance?

According to reports, Bloomberg reported rumors that Michael Burry had placed massive bearish bets on the overall U.S. stock market, amounting to billions of dollars. However, based on disclosures from Michael Burry's fund Scion Capital, this figure was significantly exaggerated by the media to over $700 million.

Did Michael Burry Purchase BTC/ETH Put Options?

How to fact-check? It's simple, just scroll down. Even Julian Koh himself said it was a joke.

Could it Be a Joke Within a Joke? Let's Check the Data!

According to on-chain data, Aevo's on-chain options trading volume is below $3 million in nominal trading volume in 24 hours. So, do you think a "$10 million bearish put option" is plausible?

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