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Fake news: Litecoin price surges 35% following Walmart adoption hoax

On Monday, September 13, a press release was published by globenewswire.com and said it was connected to “Walmart Inc,” the American multinational retail corporation. Several mainstream media outlets published stories about it including Reuters, Bloomberg, and CNBC. Not too long after these reports were published, the press release saying Walmart and Litecoin partnered was verified as being “not authentic” by a Walmart spokesperson. 

Fake Walmart and Litecoin News Exposes Pump and Dump Scheme

It appears that a phony Walmart press release has been published on Monday which said that the Walmart retail chain was partnering with the cryptocurrency project Litecoin. The press release featured Doug McMillon, the CEO of Walmart, and Charlie Lee the creator of Litecoin.

Walmart and Litecoin Payment News Debunked by Walmart Spokesperson, LTC Prices Shudder from Fake News
Yahoo Finance reported on the news in a video.

Furthermore, an official Litecoin Twitter account with a blue checkmark also tweeted about the press release. The release claimed Walmart partnered with Litecoin and would be accepting litecoin (LTC) for payments. However, not too long after the globenewswire.com press release was published, the story was suspected as being phony.

Walmart and Litecoin Payment News Debunked by Walmart Spokesperson, LTC Prices Shudder from Fake News
At first, Reuters, Bloomberg, and CNBC all reported on the news as being legitimate and then updated their posts and revealed the news was not accurate with a statement from a Walmart spokesperson.

A number of cryptocurrency influencers tweeted out that it was “fake.” One individual discovered that the name “WALMART-CORP.COM,” the email used in the globenewswire.com press release, did not go to an official website. The name “WALMART-CORP.COM” was also registered last month.

The news never appeared in Walmart’s official online newsroom and the account that registered “Walmart Inc” had never published before this event. A Walmart spokesperson confirmed with CNBC that the press release published on Monday was “not authentic.”

A Walmart spokesperson who spoke with Bloomberg said that the “statement on Litecoin was inauthentic.” The official Litecoin Twitter account that tweeted the news has since deleted the tweet. The web page archive.org shows that no one managed to get the tweet saved but there are plenty of screenshots of the tweet.

Data from Cointelegraph Markets Pro shows that LTC’s price surged more than 35% immediately following the spread of the fake report — from $175 to a monthly high of more than $237 — before sharply falling. At time of publication, the price of Litecoin is $180.

With a market capitalization of more than $406 billion, Walmart has previously hinted it would be looking into cryptocurrencies. In August, the company posted a job listing for an expert who could develop a digital currency strategy and product roadmap, but did not specifically mention it would be introducing a path for crypto payments. In addition, Walmart has used blockchain technology for supply chain management, customer marketplaces and smart appliances.

Source: Bitcoin news, Cointelegraph