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Fake Walmart, Litecoin Collaboration Pumps & Dumps Billions In Minutes, Who’s Accountable?

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Highlights

    Walmart’s fishy collaboration with Litecoin uplifted the LTC price with a huge margin very close to $250

    After the official Litecoin account deleted the tweet, the price fell trembled down below $185 in no time

It all started when a popular news portal published a blog covering the partnership of Walmart with Litecoin. As the rounds of collaboration outspread in the market, the LTC price shoot up more than 30% and was an inch close to $250. The RSI had doubled in no time as the price had ended an extended consolidation. 

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Moreover, the rounds of Walmart accepting Litecoin in payments had also thrilled the crypto space. All the thrill came to an end when the news published in the Walmart newsroom turned out to be fake. As an outcome, the LTC price dropped very badly, almost from where it initiated its rally. 

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The news of collaboration was first published in the wire account for ‘Walmart’. But the account appeared to be fake as the collaboration news is the only one appearing in the account. And the newsroom of the official corporate Walmart website had no mention of Litecoin. Also, the official Litecoin Twitter handle shared the news and deleted it within no time. Raising the suspicion of a possible pump and dump scheme. 

As per some reports, a Walmart official cleared the rumours to be fake and stated that it does not accept any cryptocurrency. Despite it was pretty clear that the rumours would not stand for a long time, Litecoin utilized the opportunity to uplift the LTC price. Also, the rounds of an insider being involved in the ‘pump & dump’ billions also surface the waters. However, the Litecoin Foundation is yet to come up with their piece of clarification.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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