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Also other cryptocurrencies like ether affected; Rumors often spread over Telegram.

Security researchers are warning of a wave of false news that scammers use to manipulate the course of cryptocurrencies like Bitcoin in their favor. In recent months, a series of rumors about Reddit, 4Chan and Messenger spread like Telegram.

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For example, it was claimed that Ethereum inventor Vitalik Buterin was killed in a car accident. This led to a decline in the price of ETH, the etherum cryptocurrency. The course did not stabilize until after Buterin posted a selfie to dispel the rumors.

Price manipulation

Other fake news related to Amazon: So should the largest online retailer “soon” Bitcoin accept. That would of course increase its value, which is why some users invested in Bitcoin. Even the German newspaper “Die Welt” reported about it. Owners of Bitcoin could get rid of these until denial from Amazon at elevated prices.

Pump and dump

“People who are interested in cryptocurrencies need to be sober,” says blockchain expert Laz Alberto to Buzzfeed, who has reported extensively on the scams. Especially affected by fake news are new cryptocurrencies. Via Telegram and other messengers so-called “pump and dump” actions are carried out. It is triggered by a rise in price – such as fake tweets or news, after the fraudsters then repel their shares.

“Obviously illegal”

The cryptocurrency GVT price was boosted from $ 30 to $ 45 in just a few hours by a fake tweet by IT guru John McAfee. McAfee supposedly advised investing in GVT. During the heyday of the cryptocurrency scammers then shed their shares, the price finally fell back to $ 30. “It’s obviously illegal, but it’s not regulated, and the scammers get away with it,” says Alberto.

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