Cointelegraph fake news report, trusting screenshots from online users! SEC: Be cautious of information read online
Foreign media Cointelegraph published a false news yesterday: "Breaking: SEC approves ishares Bitcoin spot ETF," causing Bitcoin to fluctuate wildly. According to Coinglass data, liquidation amount reached $186 million in the past 24 hours. In response to this outrageous event, Cointelegraph released an investigation report this morning, which also drew enthusiastic advocacy from the SEC.
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Cointelegraph Investigation Report: Unverified Source Authenticity and Hastiness to Publish
According to an investigative article, Cointelegraph disclosed that its social media team posted a message on X Twitter without prior editorial approval, which originated from an unverified screenshot by a user, claiming to be from a Bloomberg terminal.
Subsequently, the message was shared in a Telegram group, where Cointelegraph employees used the channel to unearth stories that might pique readers' interest. After sharing the breaking news on Cointelegraph's internal Slack, employees rushed to publish it on X without verifying the source's authenticity.
Upon realizing that the news might be false, Cointelegraph edited the post by adding "Reportedly" to the content. Only after confirming with BlackRock and Bloomberg terminals that the information was inaccurate, did Cointelegraph remove the post.
In response to this incident, Cointelegraph stated that to prevent similar occurrences, the team is thoroughly reviewing its social media management process, especially in verifying breaking news before publication.
SEC: Be Cautious of Information You Read Online
The U.S. Securities and Exchange Commission (SEC) seems to have noticed the impact of fake news from Cointelegraph on the market and today stated: "Be cautious of information you read online; the best source for SEC information is the SEC itself."
Careful what you read on the internet. The best source of information about the SEC is the SEC.
— U.S. Securities and Exchange Commission (@SECGov) October 16, 2023