Fake News of Walmart Adopting Litecoin Causes Crypto Markets to Pump and Dump Billions in Minutes
1 min ago•2 min read•Altcoins
The entire cryptocurrency market pumped when news that the US-based e-commerce giant Walmart, has inked a partnership deal with Litecoin to enable its customers to make payment with LTC broke out. Unfortunately, the news appeared to be fake, and the market dumped subsequently.According to the fake press release on Monday (September 13, 2021), Walmart shoppers would have soon been able to start making payments with LTC across all eCommerce stores.The story was quickly picked up by major news outlets, including Reuters and CNBC, which, ironically, had this in the body before editing it out:
Interestingly enough, the sites that picked up the story failed to notice that the impostor credited the press release to Walmart-corpCom, which isn’t related to Walmart in any way.This triggered a marketwide reaction, and most 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 added a whopping $80 billion in a matter of minutes.Moments later, though, speculations ran rampant that the story is fake,, and it didn’t take long for LTC to plunge.The price plunged to $175, and it currently trades around that level. This had the entire market lose about $100 billion in the minutes after.It didn’t take long for CNBC and other media outlets to confirm that the story was fake.A Walmart spokesperson confirmed that the press release wasn’t authentic.Source
It was not immediately clear if the news release was actually authentic.