• Home
  • Podcast
  • App
No Result
View All Result
Subscribe
×
sign in
  • Learn
    • All
    • Crypto Basics
    • Token Metrics Tutorials
    • Weekly Index Performance
    ocean-protocol

    Ocean Protocol Code Review

    Bitcoin: Everything You Need To Know

    Bitcoin: Everything You Need To Know

    What is Web 3.0? Everything You Need to Know

    What is Web 3.0? Everything You Need to Know

    NEW Token Metrics Crypto Market Indicators

    NEW Token Metrics Crypto Market Indicators

    Weekly Index Performance – May 26, 2022

    Weekly Index Performance – May 26, 2022

    NFTs Explained: What Are Non-Fungible Tokens?

    NFTs Explained: What Are Non-Fungible Tokens?

    Weekly Index Performance – April 27, 2022

    Weekly Index Performance – April 27, 2022

    When Does the Crypto Market Close?

    When Does the Crypto Market Close?

    Will Shiba Inu reach $1?

    Will Shiba Inu reach $1?

    • Crypto Basics
    • Weekly Performance
  • Market Analysis
    • All
    • Market Navigator
    • Market Update
    • Premium Webinar
    Webinar – 08 March 2023

    Premium Webinar Notes | March 22, 2023

    shanghai hard fork

    Shanghai Hard Fork – Investing Opportunities | Navigator

    The Bottom | Market Update

    The Bottom | Market Update

    The Metaverse Rally | Market Update

    The Metaverse Rally | Market Update

    The Dollar and DOGE| Market Update

    The Dollar and DOGE| Market Update

    Crypto Market Update

    Can Crypto Rally In October? | Market Update

    Crypto Rektember

    Can You Believe The Macro Shift ? Market Update

    Crypto Rektember

    From Rektember to a Brighter October | Market Update

    ethereum-its-time

    Ethereum: It’s Time | Market Update

    • Market Update
    • Price Prediction
    • Market Navigator
  • Deep Dive
  • Hidden Gems
    • All
    • DeFi
    • Gaming and Metaverse
    • NFTs
    • Web 3
    Azuki NFTs

    Azuki | Hidden Gems – NFT

    LonelyPop

    LonelyPop, POTATOZ By 9GAG | Hidden Gems – NFT

    Moonrunners, Disco Kittiez | Hidden Gems – NFT

    Moonrunners, Disco Kittiez | Hidden Gems – NFT

    Evmos, Penumbra, Oasis Network | Hidden Gems – Web 3

    Evmos, Penumbra, Oasis Network | Hidden Gems – Web 3

    League Of Kingdoms, Aurory | Hidden Gems – Gaming and Metaverse

    League Of Kingdoms, Aurory | Hidden Gems – Gaming and Metaverse

    Orderly Network, zCloak Network | Hidden Gems – Web 3

    Orderly Network, zCloak Network | Hidden Gems – Web 3

    Sneakerheads, The Possessed NFT | Hidden Gems – NFT

    Sneakerheads, The Possessed NFT | Hidden Gems – NFT

    BitCraft Online, Earth from Another Sun | Hidden Gems – Gaming and Metaverse

    BitCraft Online, Earth from Another Sun | Hidden Gems – Gaming and Metaverse

    OnChainMonkey & RUNNER | Hidden Gems – NFTs

    OnChainMonkey & RUNNER | Hidden Gems – NFTs

    • DeFi
    • Gaming and Metaverse
    • NFTs
  • Code Reviews
  • Reports
    • All
    • Altcoin Quarterly
    • Awards and Ratings
    • News and Thought Leadership
    NFT Grade

    Introducing Token Metrics NFT Grade

    Token Metrics Research

    Introducing Token Metrics Research

    Research & Chill: 30% Token Metrics Discount

    Research & Chill: 30% Token Metrics Discount

    The Best Crypto News Sites of 2022

    The Best Crypto News Sites of 2022

    The Best Crypto Analysts

    The Best Crypto Analysts

    Token Metrics + CEX.IO Promotional Coupon

    Token Metrics + CEX.IO Promotional Coupon

    Partner plan

    NEW Token Metrics Partner Plan

    NEW Token Metrics Crypto Market Indicators

    NEW Token Metrics Crypto Market Indicators

    Best Altcoins of 2021 | Altcoin Quarterly Report | Q4 2021

    Best Altcoins of 2021 | Altcoin Quarterly Report | Q4 2021

    • Altcoin Quaterly
    • Moon Awards
    • News and Thought Leadership
  • TV
  • Learn
    • All
    • Crypto Basics
    • Token Metrics Tutorials
    • Weekly Index Performance
    ocean-protocol

    Ocean Protocol Code Review

    Bitcoin: Everything You Need To Know

    Bitcoin: Everything You Need To Know

    What is Web 3.0? Everything You Need to Know

    What is Web 3.0? Everything You Need to Know

    NEW Token Metrics Crypto Market Indicators

    NEW Token Metrics Crypto Market Indicators

    Weekly Index Performance – May 26, 2022

    Weekly Index Performance – May 26, 2022

    NFTs Explained: What Are Non-Fungible Tokens?

    NFTs Explained: What Are Non-Fungible Tokens?

    Weekly Index Performance – April 27, 2022

    Weekly Index Performance – April 27, 2022

    When Does the Crypto Market Close?

    When Does the Crypto Market Close?

    Will Shiba Inu reach $1?

    Will Shiba Inu reach $1?

    • Crypto Basics
    • Weekly Performance
  • Market Analysis
    • All
    • Market Navigator
    • Market Update
    • Premium Webinar
    Webinar – 08 March 2023

    Premium Webinar Notes | March 22, 2023

    shanghai hard fork

    Shanghai Hard Fork – Investing Opportunities | Navigator

    The Bottom | Market Update

    The Bottom | Market Update

    The Metaverse Rally | Market Update

    The Metaverse Rally | Market Update

    The Dollar and DOGE| Market Update

    The Dollar and DOGE| Market Update

    Crypto Market Update

    Can Crypto Rally In October? | Market Update

    Crypto Rektember

    Can You Believe The Macro Shift ? Market Update

    Crypto Rektember

    From Rektember to a Brighter October | Market Update

    ethereum-its-time

    Ethereum: It’s Time | Market Update

    • Market Update
    • Price Prediction
    • Market Navigator
  • Deep Dive
  • Hidden Gems
    • All
    • DeFi
    • Gaming and Metaverse
    • NFTs
    • Web 3
    Azuki NFTs

    Azuki | Hidden Gems – NFT

    LonelyPop

    LonelyPop, POTATOZ By 9GAG | Hidden Gems – NFT

    Moonrunners, Disco Kittiez | Hidden Gems – NFT

    Moonrunners, Disco Kittiez | Hidden Gems – NFT

    Evmos, Penumbra, Oasis Network | Hidden Gems – Web 3

    Evmos, Penumbra, Oasis Network | Hidden Gems – Web 3

    League Of Kingdoms, Aurory | Hidden Gems – Gaming and Metaverse

    League Of Kingdoms, Aurory | Hidden Gems – Gaming and Metaverse

    Orderly Network, zCloak Network | Hidden Gems – Web 3

    Orderly Network, zCloak Network | Hidden Gems – Web 3

    Sneakerheads, The Possessed NFT | Hidden Gems – NFT

    Sneakerheads, The Possessed NFT | Hidden Gems – NFT

    BitCraft Online, Earth from Another Sun | Hidden Gems – Gaming and Metaverse

    BitCraft Online, Earth from Another Sun | Hidden Gems – Gaming and Metaverse

    OnChainMonkey & RUNNER | Hidden Gems – NFTs

    OnChainMonkey & RUNNER | Hidden Gems – NFTs

    • DeFi
    • Gaming and Metaverse
    • NFTs
  • Code Reviews
  • Reports
    • All
    • Altcoin Quarterly
    • Awards and Ratings
    • News and Thought Leadership
    NFT Grade

    Introducing Token Metrics NFT Grade

    Token Metrics Research

    Introducing Token Metrics Research

    Research & Chill: 30% Token Metrics Discount

    Research & Chill: 30% Token Metrics Discount

    The Best Crypto News Sites of 2022

    The Best Crypto News Sites of 2022

    The Best Crypto Analysts

    The Best Crypto Analysts

    Token Metrics + CEX.IO Promotional Coupon

    Token Metrics + CEX.IO Promotional Coupon

    Partner plan

    NEW Token Metrics Partner Plan

    NEW Token Metrics Crypto Market Indicators

    NEW Token Metrics Crypto Market Indicators

    Best Altcoins of 2021 | Altcoin Quarterly Report | Q4 2021

    Best Altcoins of 2021 | Altcoin Quarterly Report | Q4 2021

    • Altcoin Quaterly
    • Moon Awards
    • News and Thought Leadership
  • TV
No Result
View All Result
No Result
View All Result
Home Reports News and Thought Leadership News

Why The Fake Walmart/Litecoin News Was Actually Pretty Credible

by The Token Metrics Team
2022/04/22
in News, News and Thought Leadership
Reading Time: 4 mins read
0
walmart-litecoin-news
0
SHARES
6
VIEWS

The crypto news cycle got a jumpstart on Monday, September 13, 2021 with the alleged news that Walmart would begin accepting Litecoin as payment for its products. It didn’t take long for the crypto market to respond accordingly.

LTC skyrocketed some 30% in the wake of this purported partnership with one of the largest American retailers. Where it had previously been trading in a range of $175-$185, it spiked all the way above $230.

It was a good day to be holding LTC, but it didn’t last. The news of this partnership was completely false and fraudulent. Someone made a lot of money that day by manipulating the media, cooking up a perfect storm of credible-enough fake news.

How naive we all were! Let’s conduct a brief postmortem on how and why this piece of media manipulation worked as well as it did.

If it was going to genuinely adopt crypto payments, Walmart would work with a known founder and team.

Litecoin was created by Charlie Lee. There’s an associated Litecoin Foundation that operates as a nonprofit organization with the mission of advancing Litecoin for the good of society. Litecoin and its people are a known entity — they don’t hide, they make their moves in public.

By comparison, a cryptocurrency like Bitcoin has an unknown creator and a shadowy reputation. There’s no one to partner with

If you lead a major business like Walmart, which is the more appealing team to collaborate with?

Litecoin recently unveiled smart contract technology.

Just one week before this fake news broke, Litecoin issued a major update to how its network operates. In short, it became a bit more akin to Ethereum, with smart contract, DAO, and NFT functionality.

Smart contracts could be especially compelling for those who do business on the scale that Walmart does business. To offer a hypothetical example, Walmart customers paying for something in Litecoin might lock funds into a smart contract that paid for their items on layaway.

This is just one use case that might make sense for retail, but smart contracts have already proven their utility many times over on other blockchains. For Litecoin to partner with Walmart after a major tech upgrade, well, it just makes sense.

The announcement appeared on a major newswire service.

The source of this fake news was a very official-looking press release that appeared on a media service called GlobeNewswire. If you’re unfamiliar, the broad strokes go like this: companies can pay a fee to publish press releases on this service that helps distribute news to the media. In this case, the fake release came from an email address ending in “@walmart-corp.com”, which is not any official website affiliated with the company.

No matter, it was convincing enough to get past whatever checks GlobeNewswire conducted (or didn’t conduct). Fees for this kind of distribution are usually quite high, so it’s hard to imagine they were skeptical after any payment had cleared.

A number of highly reputable media outlets reported it as fact.

CoinDesk, Decrypt, Blockworks, CNBC, Reuters, ZeroHedge, and even Bloomberg Terminal were all sucked into the fake news mire, reporting the fraudulent press release as genuine news. This merely served to pour gasoline on the fake news fire, spreading (false) word far and wide to various crypto and finance audiences.

Not a good look.

The official Litecoin Twitter account tweeted out the news (and later deleted it).

Imagine being a social media professional for Litecoin — your entire job is to share news that you think your community will love, and you start seeing reports that your company is partnering with Walmart. We imagine it’s only natural to think something like, “Why didn’t anyone tell me? I better spread the word!”

Yes, even the official Litecoin Twitter account was duped by the fake news. If there’s any lesson in this turn of events, it’s only to underscore the imperative that comes with any kind of investing, whether crypto or legacy: do your own research!

Whoever masterminded this Litecoin pump had clearly done their own research. A lot of people got played. Only a few profited.

Tags: BlockchaincryptoCryptocurrenciesCryptocurrencyFreeLitecoinnewsWalmart
The Token Metrics Team

The Token Metrics Team

Token Metrics is an AI-driven cryptocurrency research and analytics platform.

Related Posts

Help

Market Landing Page Tutorial

January 6, 2023
NFT Grade
News and Thought Leadership

Introducing Token Metrics NFT Grade

August 18, 2022
Token Metrics Research
News and Thought Leadership

Introducing Token Metrics Research

July 9, 2022
Next Post
fed-vacancies-cbdc

Could Fed Vacancies Lead to a CBDC?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

COMPANY

  • About Us
  • Contact Us
  • Privacy Policy
  • Sitemap

7600 Chevy Chase Drive, Suite 300, Austin, Texas, 78752, USA
Email: info@tokenmetrics.com | Tel: +1-888-908-6536

DISCLAIMER

Token Metrics Media LLC is a regular publication of information, analysis, and commentary focused especially on blockchain technology and business, cryptocurrency, blockchain-based tokens, market trends, and trading strategies.

Token Metrics Media LLC does not provide individually tailored investment advice and does not take a subscriber’s or anyone’s personal circumstances into consideration when discussing investments; nor is Token Metrics Advisers LLC registered as an investment adviser or broker-dealer in any jurisdiction.

Information contained herein is not an offer or solicitation to buy, hold, or sell any security. The Token Metrics team has advised and invested in many blockchain companies. A complete list of their advisory roles and current holdings can be viewed here: https://tokenmetrics.com/disclosures/

Token Metrics Media LLC relies on information from various sources believed to be reliable, including clients and third parties, but cannot guarantee the accuracy and completeness of that information. Additionally, Token Metrics Media LLC does not provide tax advice, and investors are encouraged to consult with their personal tax advisors.

All investing involves risk, including the possible loss of money you invest, and past performance does not guarantee future performance. Ratings and price predictions are provided for informational and illustrative purposes, and may not reflect actual future performance.

Copyright © 2022 - Token Metrics - All Rights Reserved

No Result
View All Result
  • Learn
    • Crypto Basics
    • Weekly Performance
  • Market Analysis
    • Market Update
    • Price Prediction
    • Market Navigator
  • Deep Dive
  • Hidden Gems
    • DeFi
    • Gaming and Metaverse
    • NFTs
  • Code Reviews
  • Reports
    • Altcoin Quaterly
    • Moon Awards
    • News and Thought Leadership
  • TV

Copyright © 2022 Token Metrics All Rights Reserved