May 21, 2022

Fake News of Walmart Adopting Litecoin Causes Crypto Markets to Pump and Dump Billions in Minutes

2 min read

The entire cryptocurrency market pumped when news that the US-based e-commerce giant Walmart, has tattooed a collaboration handle Litecoin to enable its consumers to make payment with LTC broke out. Regrettably, the news seemed phony, and the marketplace discarded subsequently.

  • According to the fake press release on Monday (September 13, 2021), Walmart consumers would have quickly been able to start paying with LTC throughout all eCommerce shops.
  • The story was quickly gotten by major news outlets, consisting of Reuters and CNBC, which, paradoxically, had this in the body before modifying it out:

“It was not instantly clear if the news release was really authentic.”

  • Surprisingly enough, the websites that got the story failed to notice that the impostor credited journalism release to Walmart-corpCom, which isn’t related to Walmart Inc. in any method.
  • This set off a marketwide reaction, and many cryptocurrencies pumped tremendously in a matter of minutes. Bitcoin touched $47K, and Litecoin – – the hero in the fake story touched $240.
  • In aggregate, the entire market included a tremendous $80 billion in a matter of minutes.
  • Moments later, however, speculations ran widespread that the story is fake,, and it didn’t take long for LTC to plunge.
  • The cost plunged to $175, and it presently trades around that level. This had the entire market lose about $100 billion in the minutes after.
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  • Chart by TradingView It didn’t take long for CNBC and other media outlets to validate that the story was fake.
  • A Walmart spokesperson confirmed that the press release wasn’t genuine.