BlackRock Acquisition Rumors Debunked by Crypto.News
Rumors circulating about BlackRock’s acquisition of Voyager Digital have been confirmed as false by crypto.news. The largest asset management firm categorically denied the alleged buyout through Carolyn Vadino, its managing director of corporate communication.
‘Pumping’ VGX Through False Information
Crypto reporter Colin Wu suggested that these rumors, disseminated as news, were likely aimed at artificially boosting the value of Voyager’s native token, VGX. This tactic, known as ‘pumping,’ raises concerns about the deceptive practices prevalent in the cryptocurrency industry.
Origin of Misleading Press Release
The misleading press release was traced back to a Chinese social media account with only one follower, further highlighting the dubious nature of the claims. The fact that such misinformation was published as paid content on the reputable Associated Press (AP) website underscores the severity of the situation.
VGX Performance Amidst the Rumors
At the time of reporting, VGX had suffered a 2.8% decline in value. However, over the course of seven days, it had still experienced a 17.7% increase and an 18% rise over two weeks, as per CoinGecko data.
BlackRock’s Interest in Crypto
With $9.4 trillion in assets under management, BlackRock has shown a growing interest in cryptocurrency. The firm recently applied for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). However, alongside other applicants like Wisdom Tree, Bitwise, and Ark Invest, the SEC has delayed its decision until October 17.
Hot Take
The dissemination of false information to manipulate cryptocurrency prices is a troubling practice that undermines the integrity and trust in the industry. This incident serves as a reminder of the need for vigilance and critical analysis when evaluating news and rumors in the crypto space. It also highlights the importance of credible sources and verifying information before making investment decisions.
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