Altcoin

Fake news send Litecoin soaring by +35% in 15 minutes

  • It seems like the news that Walmart had a partnership with Litecoin was fake news
  • Even Reuters was tricked into the news and created an article, but Walmart officials deny any connection with the cryptocurrency 'Litecoin
  • Litecoin is a cryptocurrency founded in 2011, two years after Bitcoin, by a former Google engineer named Charlie Lee

There was a fake announcement that Walmart had a partnership with Litecoin. The accuracy of the news even had our journalists confused and also investors took it seriously as Litecoin went up 35%. 

The partnership with Litecoin ended up being fake news

Despite the fact, Walmart has long been one of the early adopters of blockchain technology and has had a partnership with VeChain earlier it seems like the news that they had a partnership with Litecoin was fake news. The Litecoin account even posted a tweet confirming the news but deleted this quickly after doing so.  Even Reuters was tricked into the news and created an article, but Walmart officials deny any connection with the cryptocurrency ‘Litecoin’ & it appears to be well a coordinated pump and dump scheme.

As Cryptonary, we apologize for the tweet we made and will make sure to have more patience before reporting on an announcement like this. The way this happened was very well-coordinated, and it only became clear to us that it was fake news when Litecoin’s official account deleted its tweet which was the moment we decided to delete our tweet and rectify it as soon as possible.

What is Litecoin?

Litecoin is a cryptocurrency founded in 2011, two years after Bitcoin, by a former Google engineer named Charlie Lee. Litecoin is often compared to Bitcoin because it uses the same code as Bitcoin and has many similarities. However, Litecoin is cheaper and faster than Bitcoin. Litecoin is also a peer-to-peer cryptocurrency that facilitates cross-border transactions and improves digital payment systems. Like Bitcoin, Litecoin has no central authority.

In 2017, Charlie Lee said on Reddit that he had “sold and donated” all of his Litecoin tokens except some physical tokens that he keeps as “collectibles.” Lee said at the time that he was sometimes accused of talking about the price of the digital currency on Twitter for “personal benefit.”

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