Bitcoin SV surged more than 60 percent over the last few hours following a fake report that Craig S. Wright sent funds from Satoshi Nakamoto's wallet.
Fake news surrounding Bitcoin SV. What appeared to be a news alert coming from Coinbull, a Chinese media outlet, had the market rush into buying Bitcoin SV. The coin pumped from $120 to $200 after the alert claimed that Craig Wright, the founder of BSV, had transferred 50,000 BTC from one of Satoshi Nakamoto's wallets to Binance, implying that he was the real creator of Bitcoin.
Dovey Wan, a founding partner at crypto VC firm Primitive Ventures, translated the viral fake news that tricked many Chinese investors.
Wan explained that the way the news was broadcasted is common among Chinese scammers who use the "Breaking news image" and distribute it to the masses through WeChat, instead of sharing the news link directly.
Since anyone can use the same image and alter it to communicate any message they want, it has become the easiest way to trick people into reacting to fake news.
Changpeng Zhao, the founder and CEO of Binance, also reacted to the news stating that it was fake.
This is not the first time news surrounding Bitcoin SV has pumped its market valuation.
Although the recent news surrounding Bitcoin SV have been fake or partially true, the market valuation of this cryptocurrency has been able to hold the substantial increases it has experienced.
The cryptocurrency saw its price increase from $62 to a high of $135 to then stabilize around $100. Now, the fake news alert has had BSV move another 60 percent.
At the moment, it will be wiser to stay out of Bitcoin SV while the recent news clears out.
Bitcoin SV pumps after fake Craig Wright Satoshi news tricks Chinese investors
gepubliceerd op May 29, 2019
by Cryptoslate | gepubliceerd op Coinage
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