“We messed up”: fake news artificially makes the crypto Litecoin jump

The price of the Litecoin cryptocurrency has been artificially boosted by the publication of false information. A case that recalls how volatile crypto prices are.

We totally messed up. On Monday, September 13, the creator of the cryptocurrency Litecoin, Charlie Lee, apologized on the Bloomberg Technology television program. It all started with a statement published Monday on GlobeNewswire – a network for distributing press announcements – announcing that Wallmart had entered into a partnership with the Litecoin Foundation. The post claimed that the US retail giant will accept Litecoin payments. Problem: The ad turned out to be false. Wallmart revealed very soon after that it was not the originator of this press release and denied the existence of such a partnership.

The most embarrassing thing in history, however, is that an employee of the Litecoin Foundation tweeted this fake press release to the very many subscribers of the entity – the foundation has almost 200,000. apologized in an official press release.

Litecoin price is a roller coaster

How to explain that the Litecoin Foundation teams were not surprised not to be aware of this supposed partnership? If it had existed, it would indeed have been a very strategic announcement for Litecoin, given the size of the Wallmart network. Charlie Lee justifies the employee’s mistake by indicating that any organization can start authorizing Litecoin payments without having to inform the Foundation beforehand.

A little light arguments that may not be enough for people who have decided to buy Litecoin, because of this announcement, thinking they are making a good investment. Following the publication of the false press release, the price of Litecoin indeed briefly climbed during the day of September 13, going from $ 175 to $ 230 before falling back to its previous level, when the information was denied, the tables reveal. by CoinMarketCap.

The price of Litecoin has been a roller coaster after the publication of false information. // Source: Capture CoinMarketCap

A case that recalls how volatile crypto prices are and the risk posed by false information on this market. If the Litecoin Foundation apologized for having participated in the circulation of false information, it denied having any knowledge of its erroneous nature and especially of being at the origin of the publication of the false press release.

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