Walmart will not accept cryptocurrency, fake news spread like wildfire after a surge in the prices of cryptocurrency Litecoin on Monday.
Walmart while talking to US media made it clear the announcements made were inauthentic. The so-called press release which claimed Walmart would accept the digital currency through all its digital stores was fake.
Though it is still not clear who made the announcement on the Global Newswire, a service used widely to distribute press material from companies.
The fake news release did not appear on Walmart’s official website and has been deleted after it was released.
There was also a tweet from a verified Litecoin Twitter account about the release that has also been deleted. Later the Litecoin Foundation tweeted they have not entered into any such partnership.
Amidst all this chaos, the Litecoin prices jumped to £170 before dropping back to around £128. There is no clue who managed to publish the fake news, but such schemes are not new to the cryptocurrency world. Bad actors are known to hike the prices of the cryptocurrency around the hype they manage to create through fake news and rumors to make profits before the market corrects itself.
It was CNBC who reached Walmart over the phone and was informed about the fake news. There was no clue who posted the news apart from the email address that pointed to a web domain that was registered only a month ago. CNBC also published the story of Walmart accepting Litecoins before discovering it was not true.
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