- Fake press release on Walmart’s collaboration with Litecoin.
- The partnership program was called, ‘Pay with Litecoin Option’.
- LTC price surged after the fake news
On Monday, September 13, a fake press release from committers using the name of Walmart Inc. started to circulate. The information that avails on the debunked press release is, how Walmart has correspondingly formed a collaboration with Litecoin Foundation, the organization behind the cryptocurrency.
According to the fake press release, the collaboration would allow customers and clients to buy and pay for products and services at the retailer using Litecoin (LTC). Mentioning the cryptocurrency features such as cheaper and faster and its lack of a central authority as benefits for adoption.
More so, correspondingly, the partnership program called, ‘Pay with Litecoin Option’. Which, later debunked by a Litecoin Foundation marketing director, Jay Milla. Similarly, a Walmart spokesperson confirmed that the press release was fake, it was not authentic and delivered in an official capacity by the retail firm.
Furthermore, the fake press release, published by a press release news site owned by telecommunications company Intrado, GlobalNewswire. Despite the original release has since given the platform a notice to disregard.
Moreover, there is no news regarding the collaboration in Walmart’s social media accounts. And one individual found that the email domain included in the press release, registered only a month ago.
Eventually, the major news outlets such as CNBC, Reuters, and Bloomberg ran the story as real news, which was a critical situation.
Henceforth, after the fake news, Litecoin’s (LTC) price surged over 28.9% in 24 hours. Moreover, the report confirmed as phony, LTC prices saw all those gains erased.
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