A very short-lived rise for Litecoin
Today at 3:30pm, a fake news story set the entire crypto-sphere ablaze. A fraudulent(and now deleted) press release, mentioned that Walmart, the US retail behemoth, was preparing to accept Litecoin (LTC) in its online store.
Quickly, the news went viral and caused a huge spike in the price of LTC, with it jumping from $175 to $240 in the space of just 15 minutes. However, the release included false statements from Litecoin founder Charlie Lee and outright spoofed Walmart’s identity.
Doubts about the veracity of the release began to emerge on Twitter when The Block’s Steven Zheng pointed out that the domain name linked to the email address used to publish the release was only created last August, and did not link to any functioning website.
– Steven (@Dogetoshi) September 13, 2021
Then, Walmart did not relay the information on its social networks or its blog, sowing even more doubts among the crypto-community.
However, in parallel, Litecoin’s official and certified Twitter account relayed the same statement, confusing the entire market and making investors believe again that the information was indeed true.
If Litecoin’s official account relays the information, does that necessarily indicate that the information is true? Well, no. This post on Litecoin’s Twitter account didn’t last long and was deleted a few minutes after it was published, once again casting doubt on this collaboration.
Shortly after, at 3:54pm precisely, a spokesperson spoke to the media outlet CNBC to confirm that the press release was not authentic. A statement that definitely put an end to the speculations around LTC and causing a complete reversal of the situation, with the price of the cryptocurrency returning to its pre-hike price.
LTC’s price following the release of the fake press release and what happened next – Source: <a href=”https://fr.tradingview.com/symbols/LTCUSDT/?exchange=BINANCE” target=”_blank” rel=”noopener”>TradingView
This incident lasted only a few minutes, but it is most likely a pump and dump operation organized by people completely unrelated to Walmart. They paid GlobeNewsWire to publish a press release under the identity of a Walmart entity that does not exist.
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About the author : Clément Wardzala
Editor-in-Chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I strive to share qualitative content so that the sector is democratized to all.
All articles by Clement Wardzala.