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CoinDesk Publishes Fake News, Promptly Retracts the Story

CoinDesk Publishes Fake News News
  • $100 million blockchain investment fund story was fake news.
  • CoinDesk retract and replaced previous information very swiftly.
  • The news was from an individual who claimed to be connected to UAE royalty.

Recently, CoinDesk published a story that mentions the creation of a $100 million blockchain-focused investment fund based in the United Arab Emirates. According to CoinDesk, it was supposed to be used for the development of blockchain and related technology in the UAE.

However, CoinDesk swiftly retracted the story after receiving an update from the crypto public relations agency that sent the press release. According to Michael Terpin of Transform Group, the individual who contacted the agency was impersonating an official that’s associated with the Private Office of His Highness Sheikh Hamdan bin Ahmed Al Maktoum.

Terpin also added that the impersonator is an individual that utilized a fake website that has now been taken down.

According to CoinDesk, they regret the mistake.

CoinDesk regrets the error.

Fake news has been the internet’s problem for as long as it existed. But according to Harvard Business Review, blockchain can combat digital disinformation.

By providing a decentralized, trusted mechanism for verification, enabling content creators to maintain independent reputations, and incentivizing stories with accuracy and integrity, blockchain can be used to prevent fake news.

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Ezra Reguerra is the Senior Editor for CoinQuora. He works in the editorial aspects of the publication. His tasks include writing, overseeing the content team, setting goals, and approving content.