Mailbox of China’s Central Bank Was Hacked to Send Fake Email About Bitcoin Crackdown

Fake news has been distributed to US media organizations claiming that the HKMA and PBOC are collectively introducing new regulations to crackdown on Bitcoin trading.

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Recent claim about Bitcoin crackdown in China, which was contained in an email sent from China central bank, is not true. An official from the bank declares that the email belonging to People’s Bank of China email is rigid and the email sent out by the hacker.

It was sent from an address of an official working at the Hefei branch of the Chinese central bank in Anhui province. The official says he had no idea about the sent email and that his mailbox was hacked.

The email claimed that Hong Kong Monetary Authority (HKMA) and People’s Bank of China (PBOC) would jointly release new measures to crack down Bitcoin trading. Thus in both China and Hong Kong. It unveils the new measures would be announcing in Beijing on February 14. However, in a function to be officiates by deputy governor Pan Gongsheng.

Analysts said that it could have been a threat from dealers targeting to benefit from a further decline in cryptocurrencies in the market. For instance, such threats, fears and regulations are some of the things that affect Bitcoin prices.

The claim was also in support by president of the Hong Kong Bitco-in association Leonhard Weese. He said that the sender wanted to spread rumors and panic and therefore manipulate prices to fall. This is after taking short positions on Bitcoin futures that the price will fall.

Fake news is another aspect of rumor spreading and which affects Bitcoin and cryptocurrency prices. They include fake announcements about companies accepting Bitcoin payments, collaborations with other famous companies. Even rumored deaths of known people who support the cryptocurrencies.

The email claimed that the ban would affect market makers, mining operators, trading platforms and wallets. As well as all other businesses and individuals in the cryptocurrency.

HKMA warns about bitcoin and cryptocurrencies risks

The main intention of the fake email sender was to spread rumors and panic. Leonhard Weese, president of the Hong Kong bitcoin association said:

“I’m not sure it always works, but especially when they can make use of mistranslations and ambiguities. I’m sure they will spread a panic. He ruse is effective especially in an immature market with a very low barrier to entry. And where there are many day traders who might be manipulating that way”.

While China has been hard on ICOs and cryptocurrencies, Hong Kong is in a relaxed attitude. Hong Kong treats Bitcoin as a digital commodity although they have severally warned about associated risks.

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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