Fake News Led to a Temporary Pump in the Failed Company’s Altcoin

Cryptocurrency platform Voyager Digital (VGX), which filed for bankruptcy in July 2022, was the target of a fake news campaign claiming to have been acquired by BlackRock, the world’s largest asset manager.

The fake news, which appeared as paid content on the Associated Press website, claimed that BlackRock had agreed to purchase Voyager for $3.5 billion in cash and stock. The report also cited a social media source who allegedly confirmed the deal, but the source turned out to be a Chinese account with only one follower.

There is a warning above the news published on Associated Press, a major news portal, and it is stated that the news is a paid news and has nothing to do with Associated Press.

The Associated Press (AP) website allows paid content from third-party sources to be published on its platform as long as it complies with its editorial standards and policies. However, sometimes these sources may provide false or misleading information that has not been verified by AP staff.

The fake news caused a surge in the price of Voyager’s native token, VGX, and the token suddenly gained 8% in value. However, this increase was short-lived as investors soon realized that the news was a fabrication and had no real basis.

Chart with 4-hour candles from VGX.

*This is not investment advice.

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