Litecoin Surges, then Plummets Following Fake Walmart News

GlobeNewswire, which is ranked one of the biggest newswire distribution networks, published a false report on Monday morning. The network revealed that Walmart planned to start accepting payments in the form of Litecoin cryptocurrency.

Following the announcement, Litecoin surged by an incredible 20%. However, its price took a nosedive after the revelation that this wasn’t the case.

Walmart put out a statement to clarify on the matter. In its report, the giant retailer said that it wasn’t aware of the press release issued by the network.

More importantly, the company does not have any relations with Litecoin, and as such, any further inquiries should be addressed to GlobeNewswire.

In its defense, GlobeNewswire noted that there had been a fake account that released the news. It also mentioned that investigations into the account were underway.

Based on data collected by CoinMarketCap, Litecoin is presently the 15th biggest cryptocurrency globally.

The platform came to fruition in 2011, under the leadership of Charlie Lee, a former employee of Google. Lee used the Bitcoin protocol to launch it, with the aim of providing much faster transactions and lower fees.

Interestingly, Litecoin’s official twitter account also issued the fake news. Later on, the company said that the individual behind this doing was just “too eager”,

Meanwhile, the cryptocurrency sector has come under harsh criticism from U.S. regulators, but this is not too surprising.

Motley Fool carried out a survey that revealed that the majority of investment scammers have used crypto as a payment method.

As we speak, 2021 is on the path to record the highest number of investment frauds that have ever taken place in a year. In the first quarter alone, there were more than 14,000 scams. This is a pretty high figure compared to the total of 26,500 scams that were reported in the whole of 2020.

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