In an unexpected turn of events, the world of cryptocurrency was thrown into chaos as fake news of BlackRock’s supposed acquisition of Voyager Digital emerged. The news, which claimed that the multinational investment giant was planning to acquire the cryptocurrency platform to manipulate token prices, was not only disseminated but also published by the Associated Press (AP) website as paid content.
The fake news was originally shared via a press release on September 9, 2023, on the press release distribution platform, Ein Presswire. The article, which can be accessed here, alleged that BlackRock, one of the world’s largest asset management companies, was set to acquire Voyager Digital, a well-known cryptocurrency exchange. The motives behind this acquisition, as per the fake news, were to artificially inflate the value of Voyager’s native token, VGX.
What adds a layer of credibility to this fake news is that it was published on the Associated Press website as paid content. This, unfortunately, allowed the false information to reach a larger audience and raised concerns about the media’s role in disseminating misinformation. It is essential to emphasize that the AP was unwittingly caught in the web of this deception, as they likely believed the content was legitimate at the time of publication.
Further investigation into the matter revealed that the social media source cited in the press release was a Chinese account with only one follower, a clear red flag. The lack of credibility and following of this account should have raised suspicions regarding the authenticity of the news. This incident serves as a stark reminder of the importance of verifying sources, especially in the digital age where misinformation can spread rapidly.
The impact of this fake news on the cryptocurrency market was swift and significant. Voyager Digital’s native token, VGX, experienced an 8% increase in value within just 24 hours of the news surfacing. This sudden surge in price was driven by traders reacting to the false information, underlining the vulnerability of the market to sensational news, even if it is baseless.
Voyager Digital, BlackRock, and the Associated Press have all issued statements denying the authenticity of the news. They have condemned the creation and dissemination of false information that led to market volatility. The incident has also sparked discussions within the cryptocurrency community about the need for better media literacy and responsible journalism in the digital age.
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