Cointelegraph Apologises and Investigates False Spot Bitcoin ETF News

Cointelegraph, a leading cryptocurrency news publication, extends its sincere gratitude to readers for their unwavering support over the past decade. In a recent development, the publication issued a clarification and apology for the inadvertent dissemination of unverified information regarding a spot Bitcoin ETF approval by the United States Securities and Exchange Commission (SEC).

What exactly happened?

Earlier today, during routine coverage, Cointelegraph's social media team posted a message on platform X without prior editorial approval. The message erroneously claimed that the SEC had approved BlackRock’s iShares spot Bitcoin exchange-traded fund (ETF). This misinformation stemmed from an unconfirmed screenshot shared by a user on platform X, who purported that the information originated from the Bloomberg Terminal.

It is crucial to note that Cointelegraph did not publish an article with this incorrect information. However, the impact of the erroneous social media post on platform X prompted an internal investigation.

Timeline of Events

The sequence of events leading to the dissemination of false information is outlined below:

13:17:30 UTC: The editorial team was alerted to the rumoured news through a Telegram channel used by Cointelegraph employees for discovering potential stories.

13:19:27 UTC: A team member reposted the unverified lead shared on Telegram to an internal Slack channel.

13:24:16 UTC: In an effort to promptly share the developments, the report was posted on platform X without prior confirmation of the source's authenticity from the editor. This departure from Cointelegraph’s standard social media process led to the oversight.

13:48:38 UTC: Readers reported the issue via social media channels.

13:52:19 UTC: In an internal chat, concerns were raised about the unverifiable source.

13:54:14 UTC: A Cointelegraph team member edited the message on platform X to clarify that the information was unconfirmed.

14:03:42 UTC: Cointelegraph reached out to BlackRock and the Bloomberg Terminal, subsequently removing the post.

14:32:23 UTC: After confirmation from BlackRock that the report was incorrect, Cointelegraph retracted the initial tweet and issued a statement.

Reflection and Commitment

Cointelegraph acknowledges the severity of the incident and its potential impact on the cryptocurrency community. The publication is committed to learning from this mistake and reinforcing its commitment to the highest standards of journalism.

To prevent a recurrence, Cointelegraph is conducting a comprehensive audit of its social media management processes, focusing on the authentication of breaking news before publication. Conversations with the involved employees are ongoing, and necessary structural changes will be implemented.