Cryptocurrency Litecoin Bounces 20% After Fake Walmart Press Release

On Monday, the price of the Litecoin cryptocurrency rose 20% after a fake press release from the American retailer Walmart was published on one of the press releases. It stated that this network will start accepting Litecoin as payment.

The press release was posted on the GlobalNewswire website and did not contain any statements from the US Securities and Exchange Commission, which would be expected since Walmart is publicly traded. The official news section on the Walmart website has never published this press release either. Moreover, the company usually uses Business Wire to distribute its releases, rather than GlobalNewswire.

Litecoin Price September 13, 2021

Litecoin Price September 13, 2021

However, several news outlets published articles based on the false press release, and soon the Litecoin price jumped an impressive 20% before returning to normal levels. After the publication of the false press release, the prices of many other popular cryptocurrencies jumped in the short term. It is unclear who may have been behind the fake press release, but a Walmart spokesman confirmed the content had nothing to do with reality.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

Add Comment

Click here to post a comment