In the crypto market, a piece of small news can change the price of any cryptocurrency. A similar incident has happened in the case of a famous cryptocurrency Litecoin. Recently a Press Release came which stated that Walmart and Litecoin have done Partnership to accept payments through Litecoin in Walmart.
The fake press release said that Walmart, the biggest retailer in the United States, would accept cryptocurrency for payments from shoppers using Litecoin. A nonworking email of one of the contacts was also listed in that news.
The cryptocurrency Litecoin gave up a 20% gain after this fake press release. Many investors started investing huge amounts in Litecoin. And finally, this press release came into notice of Walmart.
Walmart has announced the news of Partnership with Litecoin cryptocurrency is fake and they are searching for that fake press release.
Randy Hargrove, the Spokesperson of Walmart confirmed that the press release is not authentic. He also said the Walmart retailer has been in touch with the Newswire company to investigate how the fake press release was published on their website.
The company GlobeNewswire has also issued a notice to disregard the original press release.
After this announcement, a number of media organizations, including CNBC, sent headlines on the announcement. After this news little movement in shares of Walmart had seen and the Litecoin has also down after a 20% spike.
GlobeNewswire said a fraudulent user account was used to issue that press release.
“This has never happened before and we have already put in place enhanced authentication steps to prevent this isolated incident from occurring in the future,” said a spokesperson. “We will work with the appropriate authorities to request – and facilitate – a full investigation, including into any criminal activity associated with this matter.”