Industry

Fake PBOC Email Sent to U.S. Media in Attempt to Manipulate BTC Market

Thomas Delahunty | February 7, 2018 | 10:30 pm
pboc
Industry

Fake PBOC Email Sent to U.S. Media in Attempt to Manipulate BTC Market

Thomas Delahunty | February 7, 2018 | 10:30 pm

Yesterday, U.S. media outlets were sent a bogus email from an individual claiming to be a representative of the People’s Bank of China (PBOC). The message contained a fake invitation to a press conference between the media, the PBOC, and the Hong Kong Monetary Authority (HKMA), claiming the two organizations would be introducing new measures to crack down “on all aspects and services of Bitcoin trading in both mainland China and Hong Kong.”

The message (falsely) reported that on February 14th a press conference would be held by the PBOC’s Deputy Governor Pan Gongsheng regarding digital currencies. It went on to state that the PBOC and HKMA were planning to introduce new statutes that would end all businesses and services tied to the digital currency industry, including: “activities of both individuals and business including market makers, mining operators, trading platforms, and wallets.”

The email read: “The press conference will make it clear that neither the People’s Bank of China nor the Hong Kong Monetary Authority recognises Bitcoin or any other virtual currency as legal tender, thus, making its use as an official currency to settle debts and financial obligations illegal.” Additionally, the message claimed the authorities would also introduce new laws making cryptocurrency mining illegal, even though officials understand that China is home to the world’s largest community of Bitcoin miners.

No such event has been scheduled, according to spokespeople at the monetary authorities in both Hong Kong and Beijing. The owner of the mailbox, an official working at the Hefei branch of the Chinese central bank in Anhui province, said he had no idea about the message — claiming that his email had been hacked.

The invitation, according to the South China Morning Post, was sent via email from an address with the suffix @pbc.gov.cn, which could easily be understood to be authentic because it is in keeping with the email protocol used by the PBOC.

Leonhard Weese, President of the Bitcoin Association of Hong Kong said the email was likely sent to cause more FUD and panic throughout the cryptocurrency community — to manipulate the news in order to have some effect on the price in a market that was already bearish. “The objective of the bogus email’s senders was to spread rumors and panic, in the hope of manipulating the price of Bitcoin, after taking short positions on Bitcoin futures and betting that the price of Bitcoin will fall.”

Tags: , , ,
  • Richard Darling

    The news is good and great but the delivery is very unprofessional, this is not the first time but Because I feel like this information is important I highly recommend your team to step your game up

  • NO FEAR

    This is very important news and should be your frontpage news for a full week to let everyone know the truth and the kind of manipulation Wall Street and US Gov is all about.

    They’re thiefs trying to manipulate Bitcoin price with FUD to profit on the way down with futures.

    I hope everyone now knows that FUD is a way to manipulate people into dropping the price of an asset by scaring them into sell. They start the constant flux of FUD and also use trolls in the comments to manipulate the way people think and frighten them.

    When they start the constant flux of FUD “we the people” MUST FIGHT BACK and let them know we are not going to take this type of manipulation anymore!

    Be brave.

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!