Bitcoin holders have seen their bags grow in value over the past seven days, thanks to developments around an Exchange-Traded Fund. Last Tuesday, the coin received a massive boost when crypto-focused media house Cointelegraph wrote on X that the United States Security and Exchange Commission (SEC) had reviewed and approved BlackRock’s Bitcoin spot ETF filing.
Following Cointelegraph’s tweet, Bitcoin jumped 10% to $28,874 within minutes. However, the crypto asset dropped sharply when ETF analyst James Seyffart dismissed the rumors. The SEC and BlackRock were quick to dispel the fake news, saying the ETF application was still under review.
Cointelegraph has since apologized to the crypto community for sharing fake information. In its post, the media house says it has launched an investigation into the matter and will share findings with the public as soon as possible.
Possible Consequences of Fake News Shared by Cointelegraph
Some crypto enthusiasts took to X to share the likely consequences of the fake news that pumped Bitcoin. @RealDannyNelson said the SEC Chair Gary Gensler could dismiss all Bitcoin spot EFT fillings on the grounds that the crypto market can easily be manipulated.
Another crypto fan, @Napgener, said Tuesday’s incident showed there are no effective surveillance measures to block market manipulation. Previously, the SEC had requested all ETF applicants to demonstrate how a Bitcoin spot ETF would not be manipulated.
Meanwhile, BTC has touched $34,000 for the first time this year. The latest rally started when news reached X earlier today that a US Judge had officially ordered the Securities and Exchange Commission to review the Grayscale Bitcoin spot ETF filling. The Judge’s decision came after the SEC failed to appeal a ruling that demanded the review of the ETF a few weeks ago.
In other news, Cryptocurrency analyst Adam Cochran expressed disappointment in Sam Bankman-Fried’s legal team. In a long thread, he argued that the former FTX CEO’s lawyers were employing delaying tactics by lying to the jury that their client had medical conditions that needed to be attended to before his trial could continue.
On Wednesday, Chinese crypto journalist Colin Wu noted suspicious crypto transfers into Bitrace, a British exchange. He revealed that in the last two years, 20% of the money stolen from crypto investors was deposited into various Bitrace user accounts.
How ACG Executes Its Fraudulent Activities
That day, 404 Media journalist Joseph Cox exposed how a group of scammers known as ACG has been stealing Bitcoin from investors over the years. According to Cox, the fraudsters have mastered the art of persuading mobile network firms to reassign the phone numbers of their victims to SIM cards that they hold. This allows them to gain access to their victims’ exchange accounts and then steal their crypto.
On Thursday, the CEO of Brevan Howard Digital, Peter Johnson, shared the firm’s latest stablecoin report. The crypto investment company noted that stablecoins facilitated more than $11 trillion worth of transactions last year. By comparison, PayPal processed transactions worth $1.4 trillion during the same period. Moreover, Johnson said over 25 million crypto addresses are holding stablecoins.
Later that day, famous on-chain sleuth ZachXBT announced that Polygon Labs had selected them as a member of the Polygon Protocol Council. Per Polygon Labs’ X post, ZachXBT and other members of the council will assist with regular changes to the blockchain’s components.
LBRY Announces Plans to Shut Down
On Friday, the LBRY Protocol told its over 100,000 X followers that it would soon close shop. LBRY, a blockchain-based file-sharing project, received a court ruling in July that affirmed the United States Securities and Exchange Commission’s accusations against the protocol that it had violated securities rules. At the time, the court ordered LBRY to permanently restrain from offering any unlicensed security.
Finally, crypto journalist Wu shared the testimony of former FTX general counsel Can Sun against FTX’s ex-CEO Bankman-Fried. Sun’s documents showed two fundraising rounds that were never closed. Among the companies that almost invested in FTX include Google and BlackRock. Sun said the two firms had been doing due diligence on FTX before the exchange collapsed last November.
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