Monday, September 27, 2021

Did Walmart punk? Retailer rejects Litcoin deal after sending crypto market so up

By the Brendon case | Bloomberg

Walmart said it did not agree to partner with Lightcoin, refuting a statement early Monday that the cryptocurrency had risen.

The statement, published by Globe Newsware, is not true, a Walmart spokesman confirmed to Bloomberg News. The company is trying to find out more about the release.

Globe Newswire issued a statement in New York at 8:30 a.m. saying it had agreed to partner with the world’s largest retailer, Litcoin, and accept cryptocurrency as payment. Lightcoin has risen 33% in the announcement, with other cryptocurrencies gaining ground. Lightcoin has erased almost all of its profits, rising 1.2% at 11:07 a.m. in New York. Shares of Walmart fell less than 1% after trading in positive territory.

A spokesman for Intrado, which operates Globe Newswire, said the company was removing the release from its website and was investigating the incident. Intrado distributes 200,000 press releases each year, according to its website. A representative of the Litcoin Foundation declined to comment.

The defeat highlights how cryptocurrency investors can profit from fraud. And without any central authority overseeing them, it’s not clear what companies can do in response. The statement quoted Walmart’s CEO as saying that it was similar to the official statement that government companies use to cover the market.

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Although there are gaps in the financial market to increase the price of assets from time to time, cryptocurrency seems to provide particularly fertile ground for fraudsters. Unlike stocks, trading is mostly unfamiliar – scammers leave a few tracks for regulators. It takes very little to influence the trading of the infamous volatile assets in space. Businesses have become conditional on expecting a valuable response to the worst news – when, say, Elon Musk checks the name of a project on Twitter.

Like many companies, Walmart has actually expressed interest in cryptocurrency and blockchain. The Bentonville, Arkansas-based company advertised a location earlier this year to develop a blockchain strategy. According to an August job posted on the retail giant’s website, the position is responsible for identifying “developing digital currency strategies and product roadmaps” and “crypto-related investments and partnerships”.

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Did Walmart punk? Retailer rejects Litcoin deal after sending crypto market so up
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