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Fake Walmart and Litecoin payment news

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Written by   3
1 year ago

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.

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.

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.

Litecoin (LTC) gained 28.9% in a 24 hour period after the fake news went viral, but since the report was confirmed as phony, LTC prices saw all those gains erased. LTC is now a few percentages lower than before the spike.

What do you think about the fake news alleging that Walmart and Litecoin partnered? Let us know what you think about this subject in the comments section below.

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Written by   3
1 year ago
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Comments

I think this sort of thing is simply indicative of people not doing enough research or due diligence in any market, and that's dangerous. However, in this case, the fact that so-called ESTABLISHED news media outlets that are "generally trusted" also exacerbates the problem.

But let's face it. The news media is not necessarily on top of their game either. Lots of lazy reporters who don't actually do their own homework before they report on something. Unfortunately in a situation like this, by the time the truth makes it way to the general public the damage has already been done.

On the flip side, I also think too many people in the crypto market are too eager for news like this. We all want to see a big player like Walmart start to roll the ball and accept crypto. But we also have to bear in mind it's still a baby. It's only 12 years old.

For whatever it is worth, the right people in the right places are still unsure of how crypto fits into their overall business strategy, and I think they are going to be cautious for some time. So, people also need to be patient and let the processes run their course.

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