Walmart is not accepting cryptocurrency. Massive pump and dump scheme aborted on false news release involving Litecoin’s Twitter account. Litecoin surged on the news 25% when a false news report was released when scammers said that Walmart (WMT) would begin accepting the payment for online purchases.
The massive pump and dump scheme send the stock Litecoin soaring and then retreating after the news came out that the report was false falling $220 a share back to $178 a share
The tweet that that appeared on Litecoin’s Twitter account tweeted the announcement which was also shown on GlobeNewswire a press release service. Therefore, investors thought the press release was true. Quotes were falsified with Walmart CEO Doug McMillion posting information that wasn’t true about Walmart accepting cryptocurrency as part of its plain payment plants.
The news leaked out to other news outlets as well making it look even more legitimate.
There is an investigation underway to see who the scammers were.
GlobeNewswire removed the press release when CNN contacting them to remove the fake news and contact investors and readers. CNN reports there were signs of fake news. When it contained an incorrect “walmart-corp.com” website as the email address for Walmart’s CMO and used partial title for CEO McMillon. Walmart had also never issued on GlobeNewswire.