Supermarket giant Walmart targeted in fake crypto news

by: Dynasty GI2021-09-15
The US supermarket giant Walmart became a victim of a fake news story saying it was partnering with the creators of cryptocurrency Litecoin.
A fake press release purporting to be issued by Walmart and announcing the supposed partnership was circulated and published by some news services, before the company issued a clarification.
In a statement circulated after the initial story was published, Walmart explained that the retail giant had been "the subject of a fake news release issued on Monday, Sept. 13, that falsely stated Walmart announced a partnership with Litecoin (LTC)". Litecoin’s creator, Charlie Lee, also denied the story.

“This is unusual as the fake story appeared via a corporate press release distribution system used by many”, said Dynasty Global Investments AG’s co-founder and CEO, Eduardo Carvalho.
"“But this shows that the crypto world is not immune to the spreading of fake news and it is a reminder that investors and sector watchers must be careful with the trustworthiness of news stories before taking action”, Carvalho warned."
Litecoin’s value went up briefly following the circulation of the fake story, returning to more normal levels afterwards.


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