2023-10-18 16:33:51
Cointelegraph made a serious mistake on Monday when it published a major market news story without confirming its sources. They have now apologized to their readers in an article. Background: The price of bitcoin jumped on false news In this, they describe in chronological order the wrong steps that led to the publication of their X entry, which caused the liquidation of more than 100 million shorts. They also published their internal Telegram conversation that took place in the editorial group shortly following the first news was published. According to this, the mistake was made by an inattentive colleague. On the basis of an unconfirmed Telegram message, he immediately announced the acceptance of the ETF on X. The article regarding the news was also being prepared, but they managed to prevent its publication in time. Meanwhile, in the internal chat, other employees became suspicious of the development. It was pointed out that there was no official announcement regarding the ETF. They must have been aware that a random Telegram user is not a reliable source. It is not known who this mysterious messenger was and how the news reached Cointelegraph. Of course, you can conspire, but we will probably never know the truth with absolute certainty. Cointelegraph launched an internal investigation into the matter, which revealed that the editorial team did not follow its policy that they should always verify the authenticity of the source before posting on social media. The damage caused can be measured in millions of dollars. The case clearly illustrated how a seemingly innocent news portal can cause a huge market upheaval in a matter of seconds. The price of bitcoin rose to $30,000 shortly following the X-post was published, then dropped to $28,000 following the truth was revealed. Meanwhile, more than $100 million worth of shorts were liquidated. It also revealed how hungry the market is for a spot bitcoin ETF. According to some estimates, an additional 200 billion dollars of institutional assets would flow into bitcoin following the SEC’s permission ETH PRICE. Cointelegraph therefore apologized and assured everyone that they are reviewing their internal processes to prevent a similar incident from happening in the future.
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