Litecoin’s price jumped by roughly 30% on Monday due to a fake press release.
Walmart Will Not Be Accepting Litecoin
GlobeNewswire, a press release distributor, announced on Monday that Walmart will let customers pay with litecoin from the 1st of October. As a result, the price of the cryptocurrency rose by around 30%.
This, however, turned out to be false. The retailer denied the statement the same day. Litecoin also confirmed that the press release is fake.
Consequently, litecoin’s price tumbled down.
An Investigation Is Taking Place
The email with the press release contained a website, that’s been registered the month prior. Replies to the sender were not delivered.
GlobeNewswire commented on the situation: “This has never happened before and we have already put in place enhanced authentication steps to prevent this isolated incident from occurring in the future. We will work with the appropriate authorities to request – and facilitate – a full investigation, including into any criminal activity associated with this matter.”
Walmart is also investigating the matter.
A Crypto World
Cryptocurrencies are entering the “real” world steadily.
The interest in buying and trading coins is also on the rise.
Experts predict the global crypto market size will reach $1087.7 million by 2026.