Cointelegraph's Apology A Pricey Misstep in Crypto News

Cointelegraph’s Apology: A Pricey Misstep in Crypto News

News, Altcoin news

In a startling turn of events, Cointelegraph, a prominent name in the world of cryptocurrency news, has issued a public apology to X, formerly known as Twitter. This apology comes in the wake of a tweet they posted that sparked widespread confusion and chaos in the crypto-sphere.

The Apology Unveiled

Cointelegraph’s tweet, which has since been deleted, falsely proclaimed that the U.S. Securities and Exchange Commission (SEC) had granted approval for BlackRock’s Bitcoin spot exchange-traded fund (ETF). The tweet read, “US Securities and Exchange Commission (SEC) approves BlackRock’s iShares Bitcoin Spot ETF.” However, it was swiftly discovered that this statement was entirely devoid of truth.

Ripple Effects in the Crypto Realm

The aftermath of Cointelegraph’s erroneous tweet sent shockwaves throughout the cryptocurrency market. It was a tempest in a teapot, setting off a heated debate and precipitating dramatic price swings, which left many investors teetering on the edge of uncertainty.

Monetary Fallout

The consequences were staggering, to say the least. In the span of just one hour following the tweet, close to $100 million in liquidations occurred on various cryptocurrency exchanges. A substantial portion of this colossal sum, $73 million, represented short positions, while $31 million were tied to long positions.

The Whale’s Tale

To underscore the severity of the situation, consider this: a prominent whale in the crypto realm, known for its substantial influence, hastily shelled out 613,201 USDC to acquire 20.5 wrapped Bitcoin (WBTC). Yet, as soon as the truth emerged and the tweet was proven to be nothing but fiction, the whale made a rapid about-face. They sold off their WBTC for 563,970 USDC, incurring significant losses in the process due to the rollercoaster-like reaction of the volatile market.

In this unfolding drama, Cointelegraph has launched an internal investigation to get to the bottom of this debacle. Their commitment to transparency is unwavering, and they pledge to share the findings of their inquiry with the public once it reaches its conclusion.

The lesson here is clear: in the unforgiving realm of cryptocurrencies, the weight of information is immeasurable, and the repercussions of misinformation are, quite literally, worth millions. A tale of caution for all, as Cointelegraph seeks to regain its footing in a world where trust is the ultimate currency.

BlackRock, BTC, SEC

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