The market value of the cryptocurrency token Lightcoin rose 5 percent and then fell again on Monday after being counterfeited. Press release Published by GlobeNewsWire claims that the company was a partner with Walmart, CNBC reported.
False announcements, which claimed that the mega-retail chain would soon start accepting litcoin payments from customers, even included fake quotes from Walmart’s chief executive. It picked up multiple news outlets including Reuters, Morning Brew, CNBC, and others. A verified Twitter account linked to Litcoin also spoke of the fake partnership. Within minutes of returning to reality, markets reacted by sending the price of Lightcoin from 17 175 to 23 237.
“Walmart Inc. (NYSE: WMT), the No. 1 U.S. retailer and the world’s largest grocer, is pleased to announce a large partnership with Lightcoin,” the press release said. “The e-commerce giant wants to give its millions of customers worldwide the opportunity to pay seamlessly through cryptocurrency.”
Shortly after the story began, online sluts discovered that the press release was linked to a non-performing website. It was also suspected that there was no such announcement on Walmart’s official website. Walmart soon confirmed to CNBC that the press release was fake.
After the press release was confirmed to be fake, a wave of withdrawal came from the media.
Some journalists and experts have immediately pointed to its potential A “pump and dump” schemeA market manipulation strategy where the price of a stock rises temporarily, usually by spreading misleading information about the company (which in turn creates a “buying frenzy”) and then selling for a quick profit. Such scandals are common in the crypto industry.
It is unknown at this time what he will do after leaving the post. At the time of publication, Walmart did not return Gizmodo’s request for comment. If they come back to us, we will update this story.