The price of Litecoin soars due to the hoax that 'Litecoin, a crypto asset will be available at Wal-Mart'



It is reported that the price of Litecoin temporarily soared by nearly 20% on September 13, 2021, following

the false announcement that 'Wal-Mart will support payment with Litecoin'. After that, Wal-Mart and Litecoin released a series of correction press releases, and the Litecoin market calmed down.

Walmart says crypto payments announcement is fake. Litecoin tumbles after spike
https://www.cnbc.com/2021/09/13/walmart-to-accept-payments-with-cryptocurrencies-using-litecoin.html

Litecoin price jumped 20 percent after hoax linked the cryptocurrency to Walmart --The Verge
https://www.theverge.com/2021/9/13/22671485/walmart-crypto-hoax-litecoin-cryptocurrency

Globe Newswire, a global press release distribution service, published an article on September 13 stating, 'Wal-Mart announces a comprehensive partnership with Litecoin (LTC).' The article was deleted at the time of writing, but can still be viewed through the Internet Archive.

Walmart Announces Major Partnership With Litecoin (LTC)
https://web.archive.org/web/20210913135803/https://www.globenewswire.com/news-release/2021/09/13/2295879/0/en/Walmart-Announces-Major-Partnership-With- Litecoin-LTC.html



In the article, in addition to 'It is now possible to pay with Litecoin at Wal-Mart', 'Litecoin was chosen because it is similar to Bitcoin but cheaper and faster than Bitcoin.' Is described, and it was said that it was difficult to detect it as false at first glance. However, there were some suspicions, such as one of the contacts listed at the end pointing to a non-functional site.

As a result of several major media outlets such as Reuters reporting this announcement, the Litecoin market price on the 13th temporarily rose by more than 20%.


by bitFlyer

However, the article published on GlobeNewswire was a hoax by a third party and was not true. Therefore, Wal-Mart issued a statement on September 13 to correct that 'Wal-Mart has nothing to do with Litecoin.' The Litecoin Foundation also cautioned, 'This morning, through GlobalNewswire, a fake press release disguised as an official announcement was delivered. The Litecoin Foundation has no partnership of any kind with Wal-Mart.' ..



Wal-Mart spokeswoman Randy Hargrove has confirmed to foreign media CNBC that the press release posted on Globe Newswire is false, and why such a press release was published. He says he is in contact with Globe Newswire to find out. Globe Newswire also claims that a fraudulent user account was used to publish the release.

Dave Price, spokeswoman for GlobeNewswire, told us, 'This has never happened before, and we're already talking about certifying sources to prevent it from happening in the future. We are stepping up the process. We will work with law enforcement authorities to conduct a full investigation, including any criminal activity related to this issue. '

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in Note, Posted by log1l_ks