Cointelegraph has issued an official apology to X (formerly known as Twitter) after a tweet they posted caused widespread confusion in the crypto space.
The tweet falsely claimed that the US Securities and Exchange Commission (SEC) had approved BlackRock’s BlackRock Bitcoin spot exchange-traded fund (ETF).
Cointelegraph’s tweet ignited a heated debate within the cryptosphere and led to dramatic fluctuations in the market, leaving many investors in suspense.
The tweet read, “US Securities and Exchange Commission (SEC) approves BlackRock’s iShares Bitcoin Spot ETF,” but it was later revealed to be entirely inaccurate.
The statement reads, “We apologize for a tweet that led to the dissemination of inaccurate information regarding the BlackRock Bitcoin ETF. An internal investigation is currently underway. We are committed to transparency and will share the findings of the investigation with the public once it is concluded within 3 hours.”
The aftermath of the tweet was felt throughout the crypto world. Nearly $100 million in liquidations took place across cryptocurrency exchanges within an hour of the false tweet, of which $31 million were long positions and $73 million were short positions.
To further illustrate the impact of the misinformation, a significant whale in the crypto community spent over 613,201 USDC to buy 20,5 wrapped Bitcoin (WBTC).
However, as soon as the tweet was confirmed false, the whale quickly sold for 563,970 USDC, incurring significant losses due to the volatile market reaction.