In a bizarre turn of events, a viral MarketWatch feature claiming that a 35-year-old finance professional named Kyle Mitchell had hoarded $250,000 worth of U.S.-minted nickels as an “inflation hedge” has now been called a complete fabrication by the man at the center of the story.
Mitchell — who says he never granted any interview, never purchased any nickels, and never made the outlandish statements attributed to him — announced this week that he has retained legal counsel and plans to sue MarketWatch, Barron’s, Yahoo Finance, and every publication that republished or referenced the false narrative.
“NONE OF THEM EVER REACHED OUT TO ME TO CONFIRM IT WAS EVEN TRUE,”
Mitchell wrote in a post that has since gone viral on X.
“So that is grounds for fraud and I am going full force, balls swinging at them.”
The Making of a Media Mirage
The original MarketWatch article, published earlier this year, painted Mitchell as a self-styled “inflation contrarian” who filled a detached garage on his 150-acre farm with nearly five million nickels — roughly 27 tons of coins — in a modern-day reenactment of Warren Buffett’s silver bet.
Major outlets including Barron’s and Yahoo Finance quickly syndicated or summarized the piece, spreading the story across financial Twitter and Reddit. It became instant meme material: the “Nickel Guy” who turned $250,000 into a mountain of metal.
But according to Mitchell, none of it ever happened.
“There’s no vault, no farm full of nickels, nothing,” he said privately in follow-up correspondence reviewed by his attorney. “It’s pure fiction — a viral piece built on a fake premise that destroyed my peace of mind.”
Legal Action Underway
Mitchell’s legal team is reportedly preparing defamation and fraud complaints against the publications and individual reporters involved, alleging reckless disregard for the truth, negligence in verification, and emotional distress.
“If they never ran this story, my mental health would have never declined and my wife would still be here,”
Mitchell wrote in his post.
“What kind of integrity does the American news media have when they are just running fake news?”
The lawsuit aims to recover at least $250,000 in damages — the same amount falsely claimed to have been converted into coins.
Legal experts say the case could hinge on whether the publications can prove they verified Mitchell’s identity or obtained direct consent for quotes attributed to him.
A Broader Reckoning for Financial Media
The “Nickel Hoax,” as it’s now being called online, underscores a deeper issue in modern journalism: the acceleration of unverified virality in an era where speed often trumps accuracy.
If Mitchell’s claims prove true, it would reveal a chain of editorial lapses across multiple legacy outlets — all amplifying a story that no one bothered to confirm with the supposed source.
For Mitchell, it’s no longer about the coins.
“I made a mockery of the system,” he said. “Now it’s time for accountability.”
Editor’s Note
Representatives for MarketWatch, Barron’s, and Yahoo Finance did not immediately respond to requests for comment.