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Fake Satoshi News Tricks Chinese Investors and Causes Bitcoin SV Surge

Bitcoin SV experienced a surge over the past 12 hours after a fake Craig S. Wright news report made the rounds on social media.

A news alert reportedly coming from Chinese media outlet CoinBull saw crypto investors rushing to purchase Bitcoin SV (BSV). Reports claiming that BSV founder Craig Wright transferred 50,000 BTC from Satoshi Nakamoto’s wallets to Binance pumped the coin from $120 to a high $200.

Dovey Wan on the Issue

Dovey Wan, one of crypto firm Primitive Ventures’ founders, translated the fake news that went viral. According to the dubious alert, the 50k BTC transfer to Binance confirms Craig S. Wright (CSW) as the real Satoshi. It also stated that CZ will re-list the crypto and will tweet an official apology.

Wan explained that the scammers took advantage of the “breaking news image” to make it appear legitimate and distributed it via WeChat. He added that this was a common practice among China’s scammers and easily tricks people into believing the fake news.

Coinbull’s Reaction

Coinbull also quickly reacted to the news. It confirmed that they have received feedback regarding the photoshopped news alert that reportedly came from them. The media outlet said people with malicious intent was spreading rumors about CSW and Binance and that it had severe consequences. Coinbull also reminded people not to trust rumors and pleaded not to spread them.

Binance CEO and founder Changpeng Zhao also commented about the fake BSV news.

This isn’t the first time BSV’s value was pumped due to viral news. The crypto also saw some movement last week when the US Copyright office gave Wright two copyrights for bitcoin.

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