Cryptocurrency

Cryptocurrency is a type of digital or virtual currency that uses cryptography for security, making it difficult to counterfeit or double-spend. Unlike traditional currencies issued by governments (fiat money), cryptocurrencies operate on decentralized networks based on blockchain technology—a distributed ledger enforced by a network of computers (nodes). Bitcoin, launched in 2009, was the first cryptocurrency and remains the most well-known, but there are thousands of alternative cryptocurrencies (often referred to as "altcoins"), such as Ethereum, Ripple, and Litecoin. Cryptocurrencies are known for their potential for high returns, but they also come with significant volatility and regulatory challenges. They can be used for various purposes, including online purchases, investment, and as a means of transferring value across borders quickly and securely.

In March 2024, BOOM uncovered a viral video falsely depicting Finance Minister Nirmala Sitharaman promoting a cryptocurrency trading platform.

BOOM found that the video was a deepfake, and the finance minister had not made any announcements about a partnership between Quantum Trade and the government. The video was manipulated to mislead viewers and create a false narrative.