“We try our best to not tweet fake news and this time we really screwed up”. This has nothing to do with us, and we will try to find out who did it, Lee said.
On Monday, September 13, there was a press release on behalf of Walmart about the partnership with the Litecoin Foundation, according to which the retailer will start accepting the cryptocurrency supported by the fund from October 1. The authenticity of the statement raised doubts in the community.
Both organizations denied the report
The news appeared on the verified Litecoin Twitter account. Afterward, it was quickly deleted. However, it managed to disperse in the media, including Reuters, Bloomberg and CNBC.
Both organizations denied the report of cooperation. But against this background, the price of Litecoin rose by more than 35%, and then sharply collapsed.
“I woke up in the morning and found that Walmart accepts Litecoin, and I thought: “Wow, that’s cool.” But it turned out to be a fake. We didn’t have a partnership,” Lee commented on the incident.
Publication of fabricated press releases
According to the managing director, Litecoin is “quite often” used for payments. And any retailer can start accepting it without prior discussion with the organization. According to Lee’s estimate, the daily volume of cryptocurrency transfers is about $3 billion.
He added that the traditional market also publishes fabricated press releases.
Recall that Litecoin is one of PayPal‘s digital assets services, which supports four cryptocurrencies, including Bitcoin and Ethereum. Since 2020, the service has been available to residents of the United States, and in August 2021 it expanded to the United Kingdom.