fake news impacts cryptocurrency markets

Recently, Tron appears to have been at the center of the latest fake news scandal to hit the crypto world. It started on July 8, after Twitter user Hayden Otto posted a tweet stating that Chinese police were raiding the Tron offices in Beijing. The accompanying video initially seemed credible, showing uniformed police in an office that also displayed the Tron logo. The implication was that police were raiding Tron for participating in a scam.

However, this was far from truth, as Tron founder Justin Sun quickly jumped in to clarify. Protesters had stormed the offices, after finding out that a project called Wave Field Super Community was actually a Ponzi scheme (the project had associated itself with Tron, despite the company’ attempts to dissociate itself). The police presence was, in fact, there to monitor the situation and protect Tron’s employees.

Despite fast action on behalf of the company, Tron’s price immediately plummeted. The incident wiped over $100m…