Error or scam with Bitcoin ETF news?

[zasad@]

Has everyone seen this news recently?




https://cointelegraph.com/news/clarification-sharing-false-spot-bitcoin-etf-news
Clarification on sharing false spot Bitcoin ETF news
"Cointelegraph apologizes to its readers and discusses its investigation into what led to the posting of unverified news on X about a spot Bitcoin ETF.

Earlier today, during routine coverage, Cointelegraph’s social media team posted a message on X without prior editorial approval stating that the United States Securities and Exchange Commission had approved BlackRock’s iShares spot Bitcoin exchange-traded fund, or ETF. This was false, the result of misinformation. The news lead originated from an unconfirmed screenshot posted by an X user who claimed it was from the Bloomberg Terminal."
__
Thanks to such news, first the short traders lost their money, and after information about the fake appeared, the long traders lost their money. Losses amounting to hundreds of millions of dollars.
That's where the real scammers are.

[1714769089]

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[1714769089]

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[Nwada001]

Has everyone seen this news recently?

I believe everyone might have come across the news in some way or another, or they could have probably seen the recent bitcoin price rise, and researching the reason for such could have also led them to the news.
 
Since the discussion of this fake news released by a crypto news site that is populous enough to drag the attention of the people (Cointelegraph), I have said either outside this forum or in this forum that this news is not a mistake as they claim it is; it's a pure scam that they properly planned, and the reason for such is what is yet to be identified by the general public. What I believe is that they did this to take advantage of what the market will bring, and that happens real quick, so I also believe their objective has been achieved.
 
Inasmuch as the news brought about a positive market response, manipulation is still manipulation. Who knows what they are going to do in the near future, and if they are charged by those who lose their trade as a result of this, will such legal charges be honoured and made valid?
 
protecting consumers interests. These are the areas where the SEC is supposed to also act, and their citizen traders won't be left behind if they truly are working for the interests of their people.

[tbct_mt2]

Has everyone seen this news recently?




https://cointelegraph.com/news/clarification-sharing-false-spot-bitcoin-etf-news
Clarification on sharing false spot Bitcoin ETF news
"Cointelegraph apologizes to its readers and discusses its investigation into what led to the posting of unverified news on X about a spot Bitcoin ETF.

I did not read news from Cointelegraph like 3 or 4 years. That website is full of shit and their articles are very low quality. It is very first websites I knew and very often visited to read news but it's my past practice.

I hope with this fake news, some more people will recognize the quality of Cointelegraph and say goodbye with it. They can read news on Coindesk or just become a member of Bitcointalk to read news and some insightful discussions.

If they are unable to assess what is fake news, Bitcointalk members can help them.

[coupable]

Since the discussion of this fake news released by a crypto news site that is populous enough to drag the attention of the people (Cointelegraph), I have said either outside this forum or in this forum that this news is not a mistake as they claim it is; it's a pure scam that they properly planned, and the reason for such is what is yet to be identified by the general public. What I believe is that they did this to take advantage of what the market will bring, and that happens real quick, so I also believe their objective has been achieved.
 

It is truly unfortunate that there are those who have been reported to have lost large sums of money as a result of the spread of false news, as it was announced that one of the whales lost $49,000 worth of money after he bought 20.5 bitcoins at a price of $613,201 and then quickly sold it less than 10 minutes later for barely $563,970. Of course, there are many who lost varying amounts of money, and we do not know who they are.
The magazine that caused these losses did not even bother to apologize to these people since it has no criminal responsibility.
https://twitter.com/lookonchain/status/1713920641521660232?s=20
https://coingape.com/whales-quick-bitcoin-buy-on-fake-etf-news-ends-in-loss/

[dansus021]

Like everyone else, I got Rekted when trade long all in when the news comes up. and all of sudden the price back to normal damn Cointelegraph with verified badge and long history post about crypto says shit.

Just theory but I think this is all planned by someone who desperately needs money I mean when you are trusted by the crypto community and say good news like that the author of the news can do long before someone else and then do short after it.

What a joke. 

[Poker Player]

We can't know for sure if it was planned but I am inclined to think not, as it is not uncommon for fake news to slip through, sometimes in a whole range of media, propagated by a news agency. In this case it's a botched Cointelegraph, which as said is not characterized by an extreme quality of content, so the hypothesis that seems more likely to me is that they simply slipped in the fake news.

The bad thing is that there were many short-term traders who lost money with it.

[zasad@]

We can't know for sure if it was planned but I am inclined to think not, as it is not uncommon for fake news to slip through, sometimes in a whole range of media, propagated by a news agency. In this case it's a botched Cointelegraph, which as said is not characterized by an extreme quality of content, so the hypothesis that seems more likely to me is that they simply slipped in the fake news.

The bad thing is that there were many short-term traders who lost money with it.

This may be a coincidence, but in such a market it is very difficult to believe it. Traders are the same gambling addicts who very often use trading leverage for trading and it is from them that market manipulators make money.
Before accepting a spot ETF, manipulators must take as many bitcoins as possible from the market, and the more such cases, the faster the spot ETF will be accepted.

[stompix]

It is truly unfortunate that there are those who have been reported to have lost large sums of money as a result of the spread of false news, as it was announced that one of the whales lost $49,000 worth of money after he bought 20.5 bitcoins at a price of $613,201 and then quickly sold it less than 10 minutes later for barely $563,970.

Another example of the reason why I say trading is gambling, you basically trade on gambling on the effects and if the news is true at all, and when your whole thing is based on twitter posts, then look a the outcome.
It's kind of ironic traders all the time talk about TA and all the indicators and then at the first instance, they get recked by a tweet.

Anyhow surprised it was Cointelegraph and not bitcoin magazine, if it were for the latter probably all the ETH would have been approved and the US would have adopted BTC, for them it's all fake news and I doubt they would even understand how to blow something real out of proportion since everything they report is fake garbage.



 

[FatFork]

We can't know for sure if it was planned but I am inclined to think not, as it is not uncommon for fake news to slip through, sometimes in a whole range of media, propagated by a news agency. In this case it's a botched Cointelegraph, which as said is not characterized by an extreme quality of content, so the hypothesis that seems more likely to me is that they simply slipped in the fake news.

The bad thing is that there were many short-term traders who lost money with it.

Yeah, it's true that fake news can slip through the cracks sometimes, even on reputable sites.  I kinda think a lot of times it's not some evil plan but more they just dropped the ball on checking facts.  But in this case I'd say Cointelegraph should take the heat.  They've been around forever and are one of the OGs in the industry so they gotta know spreading fake stuff like this can hurt.  Whether they meant it or not, it happened and that's got consequences and  people can lose money if they trade based on bad info.  Cointelegraph should've been way more careful here, regardless of why it happened.

[coupable]

It is truly unfortunate that there are those who have been reported to have lost large sums of money as a result of the spread of false news, as it was announced that one of the whales lost $49,000 worth of money after he bought 20.5 bitcoins at a price of $613,201 and then quickly sold it less than 10 minutes later for barely $563,970.

Another example of the reason why I say trading is gambling, you basically trade on gambling on the effects and if the news is true at all, and when your whole thing is based on twitter posts, then look a the outcome.
It's kind of ironic traders all the time talk about TA and all the indicators and then at the first instance, they get recked by a tweet.

I agree with you that trading is a form of gambling. No, it is perhaps one of the most dangerous types because it often requires betting large amounts to obtain a relatively average profit margin.
But at the same time, I do not understand why news sources that publish false information are exempt from legal accountability. There is supposed to be a regulatory framework for the activity of these institutions, on the basis of which they gain part of their legitimacy. The news currently circulating does not indicate at all that those sources can be held responsible in any way.

[tbct_mt2]

Yeah, it's true that fake news can slip through the cracks sometimes, even on reputable sites.  I kinda think a lot of times it's not some evil plan but more they just dropped the ball on checking facts.  But in this case I'd say Cointelegraph should take the heat.  They've been around forever and are one of the OGs in the industry so they gotta know spreading fake stuff like this can hurt.  Whether they meant it or not, it happened and that's got consequences and  people can lose money if they trade based on bad info.  Cointelegraph should've been way more careful here, regardless of why it happened.

I agree that mistakes can be made as we are all human but Cointelegraph has history of low quality articles and they can not say they are innocent by spreading low quality, unverified news that cause FUD on the market. Many people will lose money partially because of news from Cointelelgraph. It's worse if those news are originally from Cointelegraph.

They can not say they are irresponsible for all those consequences from news released on their website that is big enough to make massive effects in cryptocurrency market. People (investors and traders) are responsible for their capital management and surely mainly responsible for their profit or loss but as said Cointelegraph partially has their responsibility.

[zasad@]

Yeah, it's true that fake news can slip through the cracks sometimes, even on reputable sites.  I kinda think a lot of times it's not some evil plan but more they just dropped the ball on checking facts.  But in this case I'd say Cointelegraph should take the heat.  They've been around forever and are one of the OGs in the industry so they gotta know spreading fake stuff like this can hurt.  Whether they meant it or not, it happened and that's got consequences and  people can lose money if they trade based on bad info.  Cointelegraph should've been way more careful here, regardless of why it happened.

I agree that mistakes can be made as we are all human but Cointelegraph has history of low quality articles and they can not say they are innocent by spreading low quality, unverified news that cause FUD on the market. Many people will lose money partially because of news from Cointelelgraph. It's worse if those news are originally from Cointelegraph.

They can not say they are irresponsible for all those consequences from news released on their website that is big enough to make massive effects in cryptocurrency market. People (investors and traders) are responsible for their capital management and surely mainly responsible for their profit or loss but as said Cointelegraph partially has their responsibility.

I have another theory about this.
At the time of publication of the fake news, there were market statistics that the number of longs on exchanges was higher than the number of shorts. But this turned out to be untrue. When the number of shorts became high and it became profitable for the manipulator to take away margin positions, the price flew sharply upward on the fake news. I'm sure it would have happened anyway.

Previously, the manipulator bought coins cheaply and made money on pumps; now the manipulator makes money by liquidating margin positions. According to analysts, the losses amounted to about 0.5 Billion dollars.

[stompix]

But at the same time, I do not understand why news sources that publish false information are exempt from legal accountability.

They are not, but with a twist!
The problem is in proving they are at fault for that!
You have to prove they have caused you financial loss, you have to prove they have done it intentionally and more importantly, at least in our jurisdiction you also have to prove that the said piece of news was the only one that caused this independently, so in trading is almost impossible, unlike defamation. How in the world are you going to prove that the said article caused you and multiple others to buy and sell when there is a clear disclaimer on both news and exchange platforms about volatility caused by events?

We all know it was the case, the judge knows, but you can't prove it beyond the reason of doubt so nobody is going to sue them!

The only thing that would have a chance if a shareholder would try to do it, as the news was specifically targeted at one said company and claim losses by stock fluctuation. Otherwise, you're just like an oil trader trying to sue a newspaper about news that "might" have influenced oil prices.
It's complicated, it's ambiguous but, it is what it is and right now we're helpless !

There were far worse cases without a better outcome, like one fake tweet and 20 billion wiped out:
https://www.washingtonpost.com/technology/2022/11/14/twitter-fake-eli-lilly/

[joniboini]

But at the same time, I do not understand why news sources that publish false information are exempt from legal accountability. There is supposed to be a regulatory framework for the activity of these institutions, on the basis of which they gain part of their legitimacy. The news currently circulating does not indicate at all that those sources can be held responsible in any way.

Is there really no law in the US that can hold them accountable for doing terrible journalistic work? My search related to fake news usually ends up with information about defamation lawsuits. I don't think people can sue news agencies for that if they are sharing misinformation not related to any person. CMIIW.

I guess the only way to solve this is to stop relying on terrible journalistic websites or read at least three independent sources before you assume the information is legit. In an ideal world, Cointelegraph or other websites would die quickly after they share misinformation like this.

They are not, but with a twist!
The problem is in proving they are at fault for that!

What is the name of the law that governs this? Sounds a bit similar to the defamation law above, but I'm not sure if we're referring to the same thiing or not.

[Yamane_Keto]

Shouldn't the social media team who published false articles from Cointelegraph be held accountable? The argument that the X account is a scam and the platform has followers is considered flimsy. Can an article writer not distinguish between Twitter accounts, and can this be considered manipulation?
If we were in the stock market, things would be more serious, but it is a lesson to verify the source of the news, especially since most of the news sites that cover Bitcoin news are transmitted from each other.

[zasad@]

But at the same time, I do not understand why news sources that publish false information are exempt from legal accountability. There is supposed to be a regulatory framework for the activity of these institutions, on the basis of which they gain part of their legitimacy. The news currently circulating does not indicate at all that those sources can be held responsible in any way.

Is there really no law in the US that can hold them accountable for doing terrible journalistic work? My search related to fake news usually ends up with information about defamation lawsuits. I don't think people can sue news agencies for that if they are sharing misinformation not related to any person. CMIIW.

I guess the only way to solve this is to stop relying on terrible journalistic websites or read at least three independent sources before you assume the information is legit. In an ideal world, Cointelegraph or other websites would die quickly after they share misinformation like this.

They are not, but with a twist!
The problem is in proving they are at fault for that!

What is the name of the law that governs this? Sounds a bit similar to the defamation law above, but I'm not sure if we're referring to the same thiing or not.

I am sure that fake news, which is printed based on a post from an unknown Twitter account, and slander are two different things.
Since the news was about the SEC, their lawyers should file a lawsuit.
But I think it will be impossible to prove losses on a crypto exchange due to some article.

[stompix]

They are not, but with a twist!
The problem is in proving they are at fault for that!

What is the name of the law that governs this? Sounds a bit similar to the defamation law above, but I'm not sure if we're referring to the same thiing or not.

I can only speak from a EU point of view, in this case, it's under misinformation.
Depending on where you reside it can be punishable with a fine or not at all, under EU regulation it's the Digital Act but it has not been made into a directive so, it still comes down to local laws till 2025..

If you were to take it to court under market manipulation,  then it's directive 57, but with a problem as this is the only paragraph covering and it implies collusion from a legal entity and that's a 2004 definition that would not cover crypto trading as a financial regulated market.

disseminating information through the media, including the internet, or by any other means, which gives false or misleading signals as to the supply of, demand for, or price of a financial instrument, or a related spot commodity contract, or secures the price of one or several financial instruments or a related spot commodity contract at an abnormal or artificial level, where the persons who made the dissemination derive for themselves or for another person an advantage or profit from the dissemination of the information in question; or

You have to prove their involvement, you have to prove their financial gain, you have to prove collusion and intention, and only if found guilty in a criminal case open to recoup losses.

TLDR, nothing is going to happen!  

[Fiatless]

I did not read news from Cointelegraph like 3 or 4 years. That website is full of shit and their articles are very low quality. It is very first websites I knew and very often visited to read news but it's my past practice.

I hope with this fake news, some more people will recognize the quality of Cointelegraph and say goodbye with it. They can read news on Coindesk or just become a member of Bitcointalk to read news and some insightful discussions.

If they are unable to assess what is fake news, Bitcointalk members can help them.

This is a careless and reckless journalism.  For a well-known news outlet like Cointelegraph to give such out such a piece of sensitive information it turns out to be fake. This has shown that they have been giving out fake news to the public for a long time. I always read news from the site but this is a sign that they are not reliable.

It is truly unfortunate that there are those who have been reported to have lost large sums of money as a result of the spread of false news, as it was announced that one of the whales lost $49,000 worth of money after he bought 20.5 bitcoins at a price of $613,201 and then quickly sold it less than 10 minutes later for barely $563,970. Of course, there are many who lost varying amounts of money, and we do not know who they are.
The magazine that caused these losses did not even bother to apologize to these people since it has no criminal responsibility.
https://twitter.com/lookonchain/status/1713920641521660232?s=20
https://coingape.com/whales-quick-bitcoin-buy-on-fake-etf-news-ends-in-loss/

SEC's message was brief but very informative.  If you want to get any information from any institution, the agency's website, verified social media handle or a signed document from them would be the valid source. Social media is the worst place to get information to base your decision on.

[Kemarit]

And it's going to be very interesting of someone for Cointelegraph makes a trade out of this news and then makes a lot of money? It's hard to proved though, but if there is one, then obviously this is what we call manipulation at the highest.

But I don't think that someone can be proven guilty and then sent to jail.

Another example though how the state of crypto journalism, this so called crypto outlets, they themselves doesn't have even access or someone rouge inside has accessed to their official account. It means that their security is also poor.

In any case this is what their Post Mortem report says:

https://cointelegraph.com/news/clarification-sharing-false-spot-bitcoin-etf-news

[coupable]

But at the same time, I do not understand why news sources that publish false information are exempt from legal accountability. There is supposed to be a regulatory framework for the activity of these institutions, on the basis of which they gain part of their legitimacy. The news currently circulating does not indicate at all that those sources can be held responsible in any way.

Is there really no law in the US that can hold them accountable for doing terrible journalistic work? My search related to fake news usually ends up with information about defamation lawsuits. I don't think people can sue news agencies for that if they are sharing misinformation not related to any person. CMIIW.

As long as there is no complainant, the tracking procedures remain suspended. In the most extreme cases, if there are legal repercussions, the magazine can cite several reasons to dismiss the accusation.
It is true that the spread of false news was the cause of confusion in the market, but the greatest responsibility remains for the people who are quickly affected by the news and do not take enough time to take precautions. Relying on any news site and trusting everything it offers is in itself a reckless move.