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Published

8 months ago

September 13, 2021

Oreoluwa Makinwa

Earlier today, there was a Press release that United States Retailer and top grocery store, Walmart Inc. (NYSE: WMT), has announced a major partnership with Litecoin network. The partnership was to allow Walmart’s customers to have the option to pay for goods with Litecoin (LTC).

The Official handle of Litecoin tweeted the news within minutes of the pseudo press Release. But as at that time, there was no official confirmation from Walmart about anything regarding partnership with Litecoin.

The false news of the partnership was shared by several news sites at the time of release and the market reacted to the news. Before top sites shared the news of the false partnership, LTC was trading below $200 but after top sites shared the news it spiked up over 30% at about $230 per LTC.

Coinmarketcap.com

However, the press Release was taken down by the official handle of Litecoin on Twitter and this generated reactions from users across social media platforms especially on Twitter where the tweet was deleted.

Shortly after the official Litecoin handle deleted the tweet, the partnership news was debunked by news sites. The press release was said to be false as there was no confirmation from Walmart as regards the partnership news. LTC plunged sharply just as it dropped as the news was debunked.