Fake Press Release Leads to 35% Increase in Litecoin Value

Fake Press Release Leads to 35% Increase in Litecoin Value

Walmart said a false press release was issued on its behalf on GlobeNewswire, which immediately spread to news outlets. After that, the cost of Litecoin skyrocketed by 35%. This spike occurred in less than 15 minutes. Soon after, it dropped again to $ 175 in a matter of minutes.


“We had no idea about the press release published by GlobeNewswire. It contains absolutely false information, ”a company spokesman told Reuters.


GlobeNewswire representatives clarified that a fraudulent account was used to publish the release. “We haven't had anything like this before. We have taken measures to strengthen the verification of sources so that this does not happen again, ”they said.


The Litecoin Foundation tweeted that it has no information on where the controversial press release came from.


The foundation is a non-profit organization that promotes the aforementioned token and is run by litecoin creator Charlie Lee, who told Reuters that he is conducting its own investigation, but so far without much success.

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