Litecoin Plummets over 35% on Fake Walmart News about Accepting Cryptos

A fake press release on Walmart announcing that it will start accepting Litecoin (LTC) Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term helped fuel the crypto’s price by 35%. However, after the US-based multinational retail firm denied this news released through a telecom company, Intrado, LTC’s price plummeted 20%.

The press release noted that the retail giant had inked a partnership with Litecoin Foundation to accept payments with the top-14 crypto by market cap. After that, suspicions started to arise as the press release text did not meet the standards of the ones usually published by US-listed companies. Furthermore, the announcement was not made through Walmart’s official channels, and the press email quoted in the note had a domain that the retail company did not own.

“The Litecoin Foundation has not entered into a partnership with Walmart,” the tweet from the Litecoin Foundation noted. The fake news was rapidly spread across mainstream media. Interestingly, the Litecoin Foundation retweeted the announcement, and it was deleted shortly after Walmart debunked it. “Walmart was the subject of a fake news release issued on Monday, Sept. 13, that falsely stated Walmart announced a partnership with Litecoin (LTC). Walmart had no knowledge of the press release issued by GlobeNewswire, and it is incorrect. Walmart has no relationship with Litecoin,” the US multinational retail firm clarified in a statement.

$25M Liquidated after the News

Also, GlobalNewswire published a notice asking journalists to disregard the press release, which was distributed through their platform. As of press time, LTC is back at $178.42, posting losses of over -2.4%. There are no comments yet on the US Securities and Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Commission on whether they will launch an investigation or not about the matter as the crypto community has argued that such a manoeuvre could have been a possible ‘pump and dump’.

Due to the shake in Litecoin’s price action, Bybt, a crypto data platform, noted that such decline triggered over $25 million worth of liquidations in both long and short positions.