Hacked or Hoax? XRP-Friendly Crypto Exchange Sparks Chaos with Fake SWIFT Announcement!

Earlier today, the cryptocurrency exchange Bitrue sparked controversy after sharing misleading information regarding SWIFT’s supposed adoption of XRP for cross-border payments. The now-deleted post also claimed that Bitrue had secured billions of XRP tokens as liquidity reserves, further fueling speculation within the crypto community.

Was Bitrue Hacked?

A message was posted on Bitrue’s official account on X (previously Twitter), prompting users to wonder if the exchange had been hacked. The erroneous message gained traction quickly, confusing investors and traders who were following XRP-related news. The fact that the post was deleted only fueled speculation; Bitrue has not officially confirmed if their account had indeed been hacked or if there was an internal error.

Community Reactions and Concerns

The misleading article announcing SWIFT was going to adopt XRP rapidly circulated in the crypto community prompting discourse on the responsibilities of exchanges to share good and accurate information. In the financial world and certainly the crypto world, misinformation can cause infectious price swings and confusion about when to place trades and any other investing decisions. Early in the conversation, XRP supporters were thrilled since any involvement by SWIFT would be a tremendously sizeable milestone in the utility and global acceptance of the token.

Once the claim had been disproven, however, frustrations mounted by investors. Many took to social media to express their frustrations demanding an explanation from Bitrue and asking the platform to strengthen its security protocols.

Bitrue’s Silence Raises More Questions

Even though there has been plenty of conversation and concern raised by the crypto community about the incident, Bitrue has not made an official statement about it. Meanwhile, the silence only further increases speculation about whether Bitrue was hacked or if it was just sharing unqualified material. Whether it was an attack or a simple abrogation of security checks, it raised security and content verification problems for exchanges in general.

Lessons for Crypto Investors

This event is a fundamental reminder for cryptocurrency traders and investors to confirm when they are being presented with information. The cryptocurrency market is known for being quite fast-paced, and news, be it true or misleading, can quickly proliferate. 

Users cannot rely strictly on social media posts, even if they are coming from official accounts, to make investment decisions unless they validate this information through reputable sources. In the future, exchanges like Bitrue need to take more ownership of their communication processes, ensure they confirm reasonable content before it is posted, and secure their communications. 

More importantly, readers should be skeptical of incendiary news, especially when this news hasn’t been presented or confirmed by multiple credible sources. For now, the crypto community is left with the continuation of the wait to hear from Bitrue on some resolution, as well as how much misinformation could even be posted in the first place.