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Fake News on Walmart's Acceptance of Litecoin

Published Fri, Sep 17 2021 05:48 am
by The Silicon Trend



Fake News on Walmart's Acceptance of Litecoin

A sudden rise in the price of cryptocurrency - Litecoin was noted on Monday, after a fake announcement of multinational retail corporation – Walmart Inc., acceptance of the crypto for payments. The firm's spokesman - Randy Hargrove, confirmed that the news is not authentic & has been in contact with the Global Newswire to investigate the posting of inauthentic information.


Litecoin-Walmart Partnership Denied

Even though Walmart later told US media outlets about the fake announcement, the news has already spread in the meantime. The press release has since been deleted & hasn't appeared on the company's site. Additionally, Litecoin Foundation declined its partnership on Twitter, tweeting, "The Litecoin Foundation has not entered into a partnership with Walmart."

The Litecoin price has surged to over £170 from £125 before falling to its original rate of approx. £180. A fraud user account was used to publicize the illegitimate news, added Newswire. The firm said this is the 1st time in their history and assures that it won't happen again as it brings improved authentication. 


Falsified Domains

The fake release claimed that Litecoin will accept on all Walmart eCommerce platforms from next month, which had a quote that appeared to be from Litecoin founder & Chief executive of Walmart. It also had a press contact mail address directing to a web domain that was registered in August. Moreover, when trying to send mails to that address, it was bounced as undelivered.

The falsification was revealed when CNBC contacted Walmart executives & told them the news was fake. The announcement was pretty confusing for few observers because of crypto price volatility, which can be a hurdle for retail purchases. Tesla briefly welcomed bitcoin as its vehicle's payment, making it precise that the rate was in US dollars & in case of refund, the company will choose whether to pay in bitcoin or US dollars. 

Recently, PayPal has launched the potential to sell & buy bitcoin but can't be used as the purchase payment. Instead, the assets will be sold for an equal amount of real money for purchases.





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