Fake Walmart News Causes Surge in Price of Litecoin
Cryptocurrency Litecoin saw a sudden surge in price on Monday over a press release announcement from Walmart that they would soon begin accepting payments with the currency.
The release, published through a legitimate press channel to all major news outlets including Globe Newswire -which distributes material for companies around North America- had been spread across social media platforms like Facebook before it was eventually exposed as fraudulent by several sources within US media.
The price of Litecoin increased from about £125 to £170 and then returned close near its original level at around £128 after a fraudulent user account issued an illegitimate press release. Globe Newswire said, "This has never happened before”, adding that they will be implementing enhanced authentication in order to prevent such incidents from occurring again and did not elaborate on what specifically went wrong or who was behind this fake release.