Imagine someone pretending to be the US government on social media to make the price of Bitcoin go up! That's what happened recently. A man tricked a phone company to get control of the SEC's Twitter account and falsely announced Bitcoin was approved by the government.
This caused Bitcoin's price to jump, then fall quickly when the truth came out. This shows how easily fake news can affect cryptocurrency prices.
This is a good reminder to always check the source of your information.
- A man tricked the phone company to take over the SEC's Twitter account.
- He spread false news about Bitcoin being approved.
- Bitcoin's price went up then crashed.
- The man pleaded guilty to his crimes.
| Bitcoin Price Change | After Fake News | After Correction |
|---|---|---|
| Increase | $1000 | -$2000 |
