The press release linking retailers with digital currencies was fake. Neither Wal-Mart nor Litecoin say they have a partnership.
Walmart is the largest retailer in the United States According to the National Retail Federation.. Therefore, the announcement of the partnership with cryptocurrencies will be big news.
On the morning of September 13th Press release distributed by Globe Newswire, A service that distributes press releases to media organizations, said Wal-Mart has partnered with Litecoin to accept cryptocurrencies as a payment method.Immediately after the press release, people on social media Hundreds of thousands of followers I started Information sharing.. Media outlets, including Reuters and CNBC, have published articles on the announcement of the partnership.
Is Wal-Mart affiliated with Litecoin cryptocurrency?
Source of information
No, Wal-Mart is not affiliated with Litecoin. The press release linking Wal-Mart and Litecoin was fake.
What we found
Both Walmart and the Litecoin Foundation said the press release was fake and not in partnership.
“Wal-Mart was unaware of the press release issued by Globe Newswire. That’s not correct. Wal-Mart has nothing to do with Litecoin.” Wal-Mart statement said..
“The Litecoin Foundation has no partnership with Wal-Mart of any kind.” According to a statement from the Litecoin Foundation..
According to the statement, the Litecoin Foundation said members of its social media team tweeted about an illegal partnership on Litecoin’s Twitter account. After that, the tweet was deleted.
GlobeNewswire later Issued a notification Ignore the press release. In an email statement to VERIFY, the company stated that a fraudulent user account issued a fake press release.
“This has never happened before, and we have already implemented enhanced certification procedures to prevent this isolated incident from happening in the future,” the company told VERIFY.
Immediately after the fake press release was distributed, Litecoin’s price soared.
According to CoinMarketCapLitecoin, a cryptocurrency price tracking website, was priced at around $ 175 on Monday morning, but soared to just over $ 230 following a fake press release. Cryptocurrency prices fell to about $ 180 as rumors spread that Litecoin and Wal-Mart were not affiliated.
The announcement of the hoax partnership seemed to be an example of price fixing – or Pumps and dumps – If someone fraudulently raises the price of something and cashes it out before it goes down.
US Commodity Futures Trading Commission Says Cryptocurrencies and digital tokens are largely unregulated, encouraging consumers to be careful when buying cryptocurrencies.
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Wal-Mart and Litecoin cryptocurrencies are not affiliated
Source link Wal-Mart and Litecoin cryptocurrencies are not affiliated