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Fake News: How an Elaborate Hoax in the Crypto Space Led to Death Threats

Written by:
Jagajeet Chiba
Published on:
Oct/06/2021

We can probably speak on behalf of CoinGeek when we say, near and dear to our hearts was today's panel on Media Influence: How News Reporting Affects the Digital Asset Market.  Like Gambling911.com, CoinGeek we know strives to report fair and balanced news.  But not every story out there in the digital assets space proves to be factual.  In fact, the stories involving cryptocurrencies often have ties to nefarious agendas.  This was part of the afternoon's CoinGeek New York panel discussion on "Media Influence: How News Reporting Affects the Digital Asset Market".

The infamous Walmart Litecoin news from earlier this year certainly comes to mind.  That one sent Litecoin's price soaring.

Alerts and a story on the super store announcing a partnership with Litecoin turned out to be completely fake news after a number of respected mainstream publications and niche media sites within the crypto space reported the story.

Jill Malandrino, Global Markets Reporter, Nasdaq, and Host of Trade Talks, says that she's been around long enough to have a good sense of whether a press release has any merit.

"There is a gut feelting," she claims.

Rachel Wolfson, Reporter for Cointelegraph, adds an extra layer of security when approaching press releases. 

"I ask for comments whenever I get a press release to find out if this story is legit or not," she told the audience.

James Bowater, Founder & Editor-at-Large, Crypto AM | City AM's Crypto Insider, provided an even darker story of how a fake Amazon press release led to death threats against one reporter.

That retail giant had been on the verge of accepting Bitcoin according to the reports that ultimately turned out to be fake.

Crypto AM Editor Darren Parkin was the reporter in question.

Bowater vowed for Parkin's integrity but admits it "was horrific".

"This (story) was verified," he insisted and went on to explain just how diligent Parkin is in reviewing a scoop.

"He received death threats because of the market impact.  It just goes to show the power people have.  If you can't verify, don't publish.  There are people who deliberately want to pump (the stock).  I stand by Darren.  There will always be situations where people get it wrong.  This was an elaborate hoax."

- Jagajeet Chiba, Gambling911.com

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