Nvidia hoax costs Hedera $1 billion in market value
Distributed ledger cryptocurrency platform Hedera (HBAR) has suffered a massive capital outflow of almost $1 billion after it turned out that news of a collaboration with semiconductor giant Nvidia (NASDAQ: NVDA) was a hoax. The false report claimed that Nvidia was exploring ways to integrate Hedera’s technology for real-time verification of artificial intelligence-generated data. Investors reacted swiftly, pumping HBAR’s market capitalization by about $2 billion and pushing the value to approximately $6.99 billion on April 8. However, when it emerged that the news was fake, Hedera’s market cap dropped back to $6.03 billion, a loss of $960 million, before settling at around $6.31 billion at press time. HBAR one-day market cap chart. Source: CoinMarketCap The false claim was initially circulated via a LinkedIn post, which quickly raised several red flags. For instance, the LinkedIn account behind the post had only two prior entri...
