BLOGSPOT:Engadget rocketed into the mainstream last week after it published what it believed to be an internal Apple memo stating that the much anticipated iPhone would not now be launched until October and the already delayed Leopard update of the Apple operating system was being pushed back to January next year.

A great scoop for a blog over the mainstream media, but there was one problem - the memo was actually a sophisticated hoax. In the two hours between Engadget publishing the item and retracting it, $4 billion (€2.96 billion) was written off the value of Apple on the stock market.

The stock later recovered but the incident sparked a debate about the influence of blogs like Engadget. Little known in the mainstream, the site has a loyal following of readers who expect exclusive insights into gadgets, consumer electronics and personal technology.

By rushing to publish, it exposed an Achilles heel of blogs. Staff at a more established media outlet would have known that as a publicly quoted company, Apple would have had to release such information to the markets, media and staff simultaneously rather than in an internal mail.

It now seems most likely that Engadget was the victim of an elaborate hoax from someone who stood to benefit from the fall in the Apple share price.

At least a follow-up post from managing editor Ryan Block indicates that Engadget does employ many of the same checks and balances in place at many mainstream media outlets, such as not allowing staff to hold stock in any company they write about.

Since it was launched in early 2004 Engadget has racked up more than 20,000 posts and is available in Chinese, Japanese and Spanish editions. It has been a great source of live reporting from major US technology events such as Macworld and the Consumer Electronics Show.

But like many blogs that have rapidly become popular, Engadget has discovered it can be difficult growing up in public.