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Litecoin Pumps and Dumps on Fake Walmart News


Source: Instagram, Walmart

Litecoin (LTC), the 12th most valuable cryptoasset by market capitalization, gained more than 36% in less than one hour today, after a news report that turned out to be fake said the US retail giant Walmart had entered into “a major partnership” with LTC.

The news report, first published as a press release that appeared to come from Walmart Inc., was also picked up by news outlets such as CNBC, Reuters, and Bloomberg which originally reported it as a real story. In a later correction, CNBC wrote that a Walmart spokesperson has “confirmed the press release is not authentic.”

The source of the fake press release remains unknown. 

The price of litecoin jumped from USD 174 to USD 237 on Coinbase immediately following the news, before later giving back almost all the gains. At 14:40 UTC, LTC was still up about 4% from before the pump started, trading at USD 181.60.

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