Walmart Confirms Litecoin Partnership Is Fake

[vv181]

Recently, Litecoin price spiked up and immediately got dumped. If anyone wondering that is because there are rumours spread around about Walmart will accepting Litecoin payments.

The announcement itself was tweeted by the @litecoin Twitter account, then shortly the tweet was deleted.

Image Source

What I found interesting is, it shows how the cryptocurrencies market easily got affected by FUD. The Litecoin prices moved significantly, while on another hand Walmart stock price is barely affected.




I wonder why would such an unverifiable unverified announcement got released. Does anyone know why that happening? Does the Twitter account got hacked or something?

Source: Is the Walmart release about Litecoin fake? Yes it is.

UPDATE:

Official Statement From Litecoin Foundation regarding the News


Source: https://twitter.com/LTCFoundation/status/1437484869664137221

Charlie Lee, managing director of Litecoin Foundation speaks to Bloomberg addressing the issue. You can check it out below:
https://www.youtube.com/watch?v=c_pFX3_Czn8

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[tvplus006]

...I wonder why would such an unverifiable announcement got released. Does anyone know why that happening? Does the Twitter account got hacked or something?..

It is obvious that such fake news is produced for the sole purpose of making a profit. It is quite possible that someone sold off LTC at a higher price before the subsequent decline. It is surprising that litecoin acted as a locomotive, after which the price of major cryptocurrencies, such as BTC and ETH, increased.

[newwest]

Lucky are those who had sold it during the high prices but such fake news should be curtailed as it is completely misleading and has a big impact later on. For a short during the prices rose suddenly but as it was confirmed about fake news, market fell more than what it has risen.

[Yogee]

That's a nasty looking chart hehe. Those responsible for releasing that fake information must be laughing while cashing out their profits.

..I wonder why would such an unverifiable announcement got released. Does anyone know why that happening? Does the Twitter account got hacked or something?

It was an irresponsible act by their social media team. I bet that their heads probably rolled when it was found out that it's false information. They should be an example of the famous phrase "Do not trust but verify".

[lobo13hf]

The guy who handle litecoin twitter account must be ashame with it. It's destroying the credibility of litecoin. The question is how possible litecoin community didn't even try to confirm it to the walmart directly before try to spread the fake news.

I wonder why would such an unverifiable announcement got released. Does anyone know why that happening? Does the Twitter account got hacked or something?

It seems like a human error and the guy was has been handling litecoin twitter account might be forgot to check it before try to publish it on its official account. This is hurting the reputation of litecoin so much.
It's something that must not be done by a big coin like litecoin. A mistake that must not be made. People may still talk about this fake partnership. I don't believe if the twitter account gets hacked.
This must be the fault that already made by admin of litecoin account itself.

[MusaMohamed]

Litecoin will rise back to $240. It has to rise because its chart is good enough. The fake news is a test for the next real pump of Litecoin. It would last longer than this one.

Anyone says Litecoin chart is not good to buy and hold, wait for pumps, please let me know. You can laugh at me but you should know I am not Litecoin enthusiast. It is from chart perspective that is good enough.

[NNRR]

Many investors have profited a lot after this fake news of Litecoin was published again many investors have suffered a lot of losses. But one thing I don't understand yet is that the Twitter account of Litecoin. wasn't really hacked. No one has yet been informed on behalf of Lite Coins whether their accounts were actually hacked. I hope crypto whales publishing a fake news, they've taken benefits from litecoin.

[vv181]

It is obvious that such fake news is produced for the sole purpose of making a profit. It is quite possible that someone sold off LTC at a higher price before the subsequent decline. It is surprising that litecoin acted as a locomotive, after which the price of major cryptocurrencies, such as BTC and ETH, increased.

That is plausible! We all know cryptocurrencies market are still early, and it is prone to PnD scheme and also insider trading.

As you can see in the referred source of my OP. The original articles^{[now the article has been removed]} which @litecoin refer are debunked. The contact information in which the news took place is vague, and highly it is made only for scams, I think. You can see here, some users on Reddit made an investigation.

I started to think that it is probably a well-planned action made by someone to deceive the market.

Anyway, The litecoin Foundation made a tweet about it:

The Litecoin Foundation has not entered into a partnership with Walmart.

But I believe they need to publish a press release about how can such acts happen.

It was an irresponsible act by their social media team. ~snip

It might be! But it does not close the possibility it's a planned attempt.

[criket]

this is really surprising. what did LTC do by making fake posts like that? just to get a pump? and make a bad case for the LTC market?
So far, has there been no further confirmation from LTC's social media accounts? usually after a case like this, there will be a confirmation that an account has been hacked.

[Imran232]

This fake news give us 2 things 1 is push the litecoin price up and second about fud news. And we know that in crypto market fake news is like a matter of things. And news gone viral in a moment. Which is happen with the litecoin too. I think litecoin do it with intentionally and litecoin gets their result but they should understand that when people got exact news and saw you are using wrong marketing strategy which give litecoin a bad marks. I don't think negative marketing works for long. Its a short Marketing success theory. But posetivity take time but stay longer. I hope other project learn from it.

[tvplus006]

this is really surprising. what did LTC do by making fake posts like that? just to get a pump? and make a bad case for the LTC market?
So far, has there been no further confirmation from LTC's social media accounts? usually after a case like this, there will be a confirmation that an account has been hacked.

No, it was a planned action and to achieve this effect, the scammers created a fake WALMART website, which was registered on 2021-08-17. It was on this domain that fake news was published, which was not thoroughly checked by @litecoin employees, who considered this news reliable. This is exactly the investigation that Skilhgt conducted, publishing it in Reddit: https://www.reddit.com/r/litecoin/comments/png3bf/the_litecoin_and_walmart_partnership_is_fake/

Domain Name: WALMART-CORP.COM
Registry Domain ID: 2634400547_DOMAIN_COM-VRSN
Registrar WHOIS Server: whois.namecheap.com
Registrar URL: http://www.namecheap.com
Updated Date: 2021-09-09T10:53:42Z
Creation Date: 2021-08-17T12:31:40Z

[passwordnow]

If it has been announced by the official Twitter account of Litecoin then whoever handles that account should be accountable for its fake tweet about Litecoin's partnership with Walmart. I remember the same rumor, not an actual announcement but only a rumor but made the market good about Amazon's stand and adoption of cryptocurrencies. I think that was just a month ago or two when that rumor came and it made the market a bit of pump and then later Amazon denied the rumor.

[GreatArkansas]

Look how the chart of LTC/USDT. Hahahaha. A lot of people got rekt here for sure after this fake news spread, in just minutes we saw a lot of liquidation on Litecoin.
as what vv181 said, Litecoin Foundation already has a statement on what happened. Major problem here was the official Twitter account of  Litecoin shared a link of fake news partnership with Walmart.

[crwth]

^This is funny, lol.

This is probably somebody who has an enormous bag of LTC has just decided to spread a rumor and try to dump it ASAP. Lol. Just in a matter of hours, it almost came back to the original price. Imagine how easy it is to excite a particular coin from an official Twitter account of a massive company. Someone has been fired for this for sure.

Maybe the handler of the Twitter account wasn't in the loop with all the plans of Walmart, and once there is news about it, they just publish it.

[usernameyaya]

Regardless of whether it is the cryptocurrency market or the stock market spot market, there will be behaviors that take the opportunity to speculate for profiteering. In this market, giant whales and investment institutions will always make money.

[faithupgrade]

In the first place who told the public Walmart will use Litecoin? Much better to get the source from the walmart social media first before believing. Personally I do not believe the news the first time I heard Facebook will create its own crypto until I found it on its own website. Get the credible source first before believing.

[Fundamentals Of]

I wonder why would such an unverifiable announcement got released.

Do you mean unverified? The announcement was indeed unverified but it was definitely verifiable. A simple call would have made everything clear. It was incompetence on the part of Litecoin's Twitter handler to just post something which is not even confirmed. It should have been a basic responsibility to verify rumors or reports. Failure to do such basic thing gives a bad name to the brand.

This is a proof that buying the rumor and selling the news is still working out even in a different way. Lol.

[Jackl87]

Recently, Litecoin price spiked up and immediately got dumped. If anyone wondering that is because there are rumours spread around about Walmart will accepting Litecoin payments.

The announcement itself was tweeted by the @litecoin Twitter account, then shortly the tweet was deleted.

Thanks for that interesting information i have not heard of that before and now it makes total sense why litecoin made such big price movements recently. It is totally weird to me that the official litecoin Twitter account posted this fake statement and it would be very interesting to know how this could happen, if the account was hacked or if an employee just made a big mistake or did it on purpose for whatever reason. It is not really surprising, that this caused the price of litecoin to pump and dump.

[TravelMug]

I agree that it was very deliberate, and they target Walmart because they know that this company is huge and making them in front of the headlines make people not to worry and check the veracity of the news.

But it is now debunked, let this be another great example for newbies not to fall for this kind of trap, otherwise if they invested on the top, damn, another big lost for them. Good for those who was able to cash out and get their profits though. This is a cat and mouse game, and those who survived are those who know how to play not by the rules, sad to say.

[vv181]

I've updated OP, The foundation released the official statements. They claim Reuter did it first which make @Litecoin admin releasing the news. All we know for sure is the linked sources are all linked to Global Newswire.

~snip~

Gee, What a chart!

Anyway, Charlie Lee also already speaks about the incident on Bloomberg(https://www.youtube.com/watch?v=c_pFX3_Czn8)

Do you mean unverified? The announcement was indeed unverified but it was definitely verifiable.~

Yeap, wrong choice of word.

This is a proof that buying the rumor and selling the news is still working out even in a different way. Lol.

But it is now debunked, let this be another great example for newbies not to fall for this kind of trap, otherwise if they invested on the top, damn, another big lost for them. Good for those who was able to cash out and get their profits though. This is a cat and mouse game, and those who survived are those who know how to play not by the rules, sad to say.

Exactly, it's kinda like a PnD scheme, isn't it?