Whale Loses $49k in 10 Minutes due to Fake Bitcoin Spot ETF

Key Points:

• BTC surged to $30,000 due to Fake Bitcoin Spot ETF News by Cointelegraph, but its value dropped to $28,000 after BlackRock denied the news. Many FOMO-driven investors suffered financial losses.
• An investor bought 20.5 WBTC based on Fake Bitcoin Spot ETF News, resulting in a loss of $49,000 when the news was confirmed to be false.
• Cointelegraph’s spread of false information about SEC approving a spot Bitcoin ETF caused significant financial losses for users influenced by FOMO.

According lookonchain, a whale bought 20.5 $WBTC for 613,201 $USDC, but sold it for only 563,970 $USDC after betting big on fake Bitcoin Spot ETF News.

Whale Loses $49,000 in 10 Minutes After Believing Fake Bitcoin Spot ETF News

BTC, which had surged to a value of $30,000 as a result of the dissemination of false news by Cointelegraph, is currently trading at $28,000. The denial of Cointelegraph’s news by BlackRock appears to have had a significant impact on the industry. Many Investors, who gave in to the fear of missing out (FOMO), have experienced substantial financial losses, when they realized, that was Fake Bitcoin Spot ETF News.

In an interesting incident, a large investor had a change of heart due to the latest ETF news and ended up buying a total of 20.5 Wrapped Bitcoin (WBTC), as reported by Look On-Chain, a trusted data provider. Unfortunately, when it was revealed that the news was indeed false, the investor quickly sold their holdings, resulting in a staggering loss of $49,000 in just ten minutes. Look On-Chain shared additional details about this event through its official account.

The spread of false information by Cointelegraph, claiming that the SEC had approved a spot Bitcoin ETF, led to significant financial losses among many users who were influenced by FOMO. The investor spent a total of 613,201 USDC to acquire 20.5 WBTC, which was later sold for 563,970 USDC after the news was confirmed to be false.

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