On Monday, the crypto-focused media outlet Cointelegraph disseminated false information via social media platform X and its Telegram channel, triggering a more than 10% spike in bitcoin (BTC) value against the U.S. dollar.
The digital currency briefly touched $29,900 per coin before plunging to $28,100 per unit once the news was debunked. Cointelegraph, despite issuing an apology, was too late to prevent the market upheaval that resulted in the obliteration of $78.92 million worth of short positions.source