Litecoin plummets 20% after Walmart says crypto announcement is fake

Litecoin plummets 20% after Walmart says crypto announcement is fake
1 year ago
1 min read

A false news release put out by GlobeNewswire about a collaboration with Walmart caused cryptocurrency Litecoin (LTC) to lose 20% of its value on Monday 13 September 2021.

No such press release exists, according to a Walmart representative who verified the information is false. Litecoin had spiked up to $231 from $175 before falling 20% on the fake news release, according to CoinMarketCap.com.

Litecoin 1 day chart. Source:CoinMarketCap.com

Many reputable media outlets, including CNBC and Reuters, published headlines on the announcement. 

What raised suspicions was that the announcement included a non-functioning website in the email of one of the named contacts listed.

According to the fake press release, Walmart, the largest retailer in the United States, would accept cryptocurrency payments from customers using Litecoin. Although, Walmart’s official corporate website didn’t mention the release at any point in time.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.