Key Takeaways
- Reports of Nilam Resources buying 24,800 BTC have been debunked.
- Tuur Demeester and Max Keiser labeled the news as a 'stunt' and 'pump and dump.'
- The incident underscores the need for due diligence in the Bitcoin market before the media reports.
Reports emerged on March 25 about Nilam Resources, a South American gold mining company, planning to acquire MindWave, which holds 24,800 BTC.
However, Bitcoin analyst Tuur Demeester and broadcaster Max Keiser have dismissed the news as a “stunt” and a potential “pump and dump.”
It appears that this was fake news, and the deal was an attempt to pump the company’s stock.
What the deal entailed
The deal was supposed to involve Nilam Resources issuing a newly authorized Preferred Class of Series C Stock in exchange for the 24,800 BTC at a discounted rate.
In light of this incident, it’s evident that due diligence is essential in a market rife with speculation, especially during Bitcoin bull markets.
Several news outlets have retracted the story.
