While in the crypto market, the threat of fake news has always been a major concern and most of the traders might have come across it at least once in their journey.
Well, recent news came along which said that Bitcoin SV(BSV) has all of a sudden gained 67% in value in just a few hours on Wednesday. While the whole market was in a state of dilemma, trying to figure out how it happened, it was soon revealed that raise has a lot to do with fake news that was spread before that.
All About the Fake News:
It was revealed that the price surge was caused because of a Fake News circulation in China which said:
“Bitcoin SV(BSV) has now been listed on Binance.“.
The confirmation that news was completely fake was actually confirmed soon after Changpeng Zhao, the CEO of Binance himself executed the formality of confirming the news as fake by writing on Twitter:
“Careful, it’s caused by fake new circulation in China. I got pinged 20 times today, clarifying it is fake.”.
careful, it's caused by fake new circulation in China. I got pinged 20 times today, clarifying it is fake. https://t.co/I8jIm4C2kk
— CZ Binance (@cz_binance) May 29, 2019
The news was first spotted by VC and analyst, Dovey Wan who spotted the fake post and offered a translation of its doctored content. Dovey firmly believes that Chinese investors might have been hit hard after a doctored WEChat screenshot was literally circulated around the country’s crypto media.
Dovey Wan further tweeted on the matter and wrote:
“Seems someone did it purposely just around the same time BSV pumped just an hour ago.
Completely fake news but “real enough” to trick many Chinese retails“