A tweet by @6BillionPeople, a user with Four.63 million followers interested te his cryptocurrency predictions and advice, sent the Brink cryptocurrency market into puinhoop on Christmas Day. Ter the tweet, shown below, @6BillionPeople urges his followers to quickly sell their Edge cryptocurrency, due to alleged internal problems within the Brink development team. This tweet wasgoed liked and retweeted numerous times, causing it to spread rapidly.
The initial tweet that embarked the fright.
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The value of Brink quickly tanked ter response to this tweet spil investors dumped their coins, attempting to get any value out of them while they still could. The value of Brink on Binance dropped from a previous high of 2000 Satoshis (
0.27USD) to a low of 622 Satoshis (
0.09USD) te a matter of minutes – a 69% reduction.
177 million Edge coins were sold te the hour following the initial tweet on the Binance exchange alone – 8x more than the usual hourly volume. This enlargened trading volume wasgoed sustained for at least Two more hours, spil seen on the Binance chart below. At a loss of Legal cents vanaf coin sold, more than 32 million dollars were scammed from Brink investors te just one hour, on just one exchange.
The Brink price crash seen on Binance after the hoax tweet wasgoed posted.
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This hoax didn’t just affect uninformed investors, but also people who intended to hold for the long term. Many users make use of the stop-loss functionality on exchanges just te case things legitimately go south. The purpose of a stop-loss is to sell assets merienda the price hits a predetermined ondergrens. Ter this case, since the value wasgoed dropped by fake news, many users had their stop-loss activate and dump all of their Brink coins for nothing – causing them to lose millions while eating Christmas refrigerio.
@6BillionPeople zometeen stated that he did not postbode the initial tweet and that he wasgoed hacked, before deleting everything. Funnily enough, his Patreon vereiste also have bot hacked at the same time, spil the message wasgoed also posted there. This is just one of many reasons why you should not trust random Twitter users to give you financial advice. It’s also a good example of why everyone should use two-factor authentication!
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@6BillionPeople tweets after the hoax claiming he has bot hacked.
This ordeal demonstrates the tactics that market manipulators use to spread fear, uncertainty, and doubt ter the community. By kicking off rumours and spreading fake news, thesis people can cause rapid market switches, permitting them to blast up on cheap cryptocurrencies. Strangely enough, a fresh Edge wallet wasgoed created the same day that the tweet wasgoed posted which quickly gained Brink coins until it wasgoed the number 1 largest oscilación of Brink te a single wallet. This wallet now contains more than 14% of all existing Brink coins – a total worth of overheen $553 million US at the $0.27 Brink high point.
The Edge coins held te the top wallets, the richest of which had just bot created.
The Edge team themselves even posted a tweet straks on confirming that there were no problems internally, and that the project wasgoed about to be better than everzwijn with the addition of the Wraith update.
The Edge team straks announced that the entire situation wasgoed a hoax.
Even hours after the tweet wasgoed exposed to be a hoax, the value of Edge is still feeling the effects. The traded price on Binance almost 12 hours after the initial tweet is only 1000 Satoshis – half of its llamativo value. If there’s anything positive at all about this situation, it’s that now is a good time for fresh or hesitant investors to hop on houtvezelplaat. The low price we’re watching right now will not last. The Brink development team has announced that the Wraith upgrade will be released before , the hype surrounding Wraith will cause the price of Edge to soar. If you are fresh to Edge, or cryptocurrencies te caudillo, you can go after this guide to invest now.