In a panel interview in Dubai, Cointelegraph Editor-in-Chief Kristina Lucrezia Cornèr addressed the fiasco brought by a now-deleted tweet announcing regulatory approval on a spot exchange-traded fund (ETF) for bitcoin, which was clarified later on to be yet untrue.
“Yes, this was disastrous. And this is an example of what can not happen,” Lucrezia said, as she shares the stage with other panelists, including Mario Nawfal.
On Monday, Cointelegraph reported on X (fka Twitter) that the U.S. Securities and Exchange Commission (SEC) had given its approval for Blackrock’s Ishares spot Bitcoin ETF. The unverified news quickly ignited a market frenzy, causing Bitcoin’s value to surge by more than 10% against the U.S. dollar.
Remarkably, this significant price jump occurred in the absence of official confirmation from either the SEC or Blackrock.
Bloomberg senior ETF analyst Eric Balchunas called out the mistake, asking Cointelegraph to explain the source of the news.
The misleading social media post on X was promptly removed, a Telegram post was revised, and the word “reportedly” was added to the statement. The specific Telegram post in question was also retracted. Later on, the post on X was eventually deleted.
Lucrezia, during the Dubai panel discussion, explained the website’s side, saying “This is what happens when we [websites] are having the constant pressure to be the first with every news.”
“This is not a problem of journalism per se. It’s a problem of the society… and of the technology. I’m talking about indexation of Google, I’m talking about social media… where if you’re not the first, you’re the last,” she said.
Following the dissemination of the false news, Bitcoin’s price skyrocketed to nearly $30,000, only to retrace its steps once the truth was revealed. Presently, the price has dipped below the $28,000 per coin mark.
After the news was debunked, Cointelegraph issued an apology: “We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF. An internal investigation is currently underway.”
They also assured their commitment to transparency and announced an ongoing internal investigation. The findings of this investigation would be shared with the public within the next three hours, Cointelegraph pledged.
Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.