AIBC

Fake Walmart v Litecoin partnership causes waves

Posted:: Sep 14, 2021 10:01 Category: Americas , Blockchain , Crypto , Posted by Jeremy Micallef

Litecoin Foundation’s Director of Marketing, Jay Milla, debunked the news that Walmart was adopting Litecoin

Initial claims from major news publications that United States behemoth Walmart will be adding Litecoin as a payment option on all of its e-commerce websites caused the price of the cryptocurrency to rise to more than $237 on Monday.

According to reports from multiple major news outlets, including highly-regarded Reuters and CNBC, Walmart would provide a “Pay with Litecoin Option” for its retail websites starting Oct. 1 as part of a partnership with the Litecoin Foundation, the group that finances and promotes adoption of Litecoin’s ecosystem. A single GlobeNewsWire news release appeared to be the source of all the reports. LTC was chosen because it was “cheaper and quicker” and because it was decentralised, according to the hoax announcement.

It seems as if no attempts to confirm the press release were made to validate the story prior to publishing, feeding into the “story > truth” ecosystem plaguing the media in recent years.

Around one hour after the first article was published, a Walmart spokesperson informed CNBC that the press release was “not authentic”. According to the Litecoin Foundation’s Director of Marketing, Jay Milla, the news did not come from the foundation itself.

“The Litecoin Foundation has yet to enter into a partnership with Walmart,” said Milla.

After the spreading of the bogus news, LTC’s price rose by more than 35%, from $175 to a monthly high of more than $237 – a monthly high!

Walmart, which has a market valuation of more than $406 billion, has previously suggested that it may be interested in cryptocurrencies. An expert in digital currency strategy and roadmap was needed in August, but the firm did not specify that it would be creating a way for crypto payments. Walmart has also employed blockchain technology for supply chain management, consumer markets, and smart appliances, among other things, according to the company.

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