Profit Sheets

Looking into fake press statement on litecoin partnership

September 14, 2021 12:36 PM

Looking into fake press statement on litecoin partnership
Walmart Inc said on Monday it wasLooking into fake press statement on litecoin partnership, which briefly led to near 30% gains in the cryptocurrency.

Walmart Inc said on Monday it wasLooking into fake press statement on litecoin partnership, which briefly led to near 30% gains in the cryptocurrency, was issued by news release distributor GlobeNewswire.

The fake press release touting the acceptance of litecoin as online payment by the world’s largest retailer led to a sudden spike in its prices, but the gains faded quickly after Walmart issued a statement saying the press release was fraudulent.

“Walmart had no knowledge of the press release issued by GlobeNewswire and there is no truth to it. Walmart has no relationship with litecoin,” a company spokesperson told Reuters. GlobeNewswire published a notice to “disregard” the news release and said it had put in place enhanced authentication steps to prevent a similar incident from occurring in the future.

Also Read: Ashwini Vaishnaw promises rail link with Kashmir valley before 2024

“We will work with the appropriate authorities to request – and facilitate – a full investigation, including into any criminal activity associated with this matter,” GlobeNewswire said in an emailed statement. Separately, the Litecoin Foundation said in a Twitter post it had no information on where the news release had originated.

The foundation is a non-profit organization that promotes the cryptocurrency and is run by litecoin creator Charlie Lee, who told Reuters in an email that the hoax was being investigated but little headway had been made. Lee also said he currently owned only five litecoins and had little incentive to issue the fake announcement himself.

Leave a comment

NSE Top Gainers/Losers
COMPANY LTP %CHNG VOLUME
ONGC 135.10 5.14 4,03,32,961
JSWSTEEL 660.50 4.31 84,34,405
INDUSINDBK 1,135.90 4.22 40,49,393
BAJFINANCE 7,591.25 2.00 8,17,841
UPL 722.90 2.45 31,22,653
COMPANY LTP %CHNG VOLUME
MARUTI 6,784.50 -2.39 7,54,854
AXISBANK 784.85
-1.38
55,25,654
HEROMOTOCO 2,839.30 -1.74 4,04,569
BPCL 415.50
-1.17
66,91,530
BAJAJ-AUTO
3,715.40
-1.61 2,10,350