The Litecoin Association has “made a mistake.” Several of its workers, according to its managing director, retweeted what turned out to be a false statement about Walmart Inc.’s collaboration.
On the “Bloomberg Technology” television show, Charlie Lee, the inventor of Litecoin and the foundation’s managing director, remarked, “We do our hardest not to tweet false information, but this time we really screwed up. I deny it has anything to do with us, and we’ll do all we can to discover who did it — and to prevent the propagation of fake news.
Walmart Inc. and GlobeNewswire, a news release distribution company, are looking into a Monday morning fake statement linking the store to a Litecoin trade. The statement was immediately debunked, but not before Litecoin and other altcoins saw a short spike. Litecoin [LTC] was down 1.2 percent as of 8:52 a.m. in Hong Kong on Tuesday and has been down roughly 20% in the last nine days.
Lee is the head of the Litecoin Foundation, a non-profit committed to the promotion of peer-to-peer cryptocurrency and open-source software initiatives.
“This morning I awoke to find out that Walmart accepts Litecoin, and I was like, ‘Wow, that’s fantastic,’ but it turned out to be a hoax,” says the author “In response to the event, Lee stated.
The parties involved are now trying to figure out how things went down. During the Bloomberg TV interview, Lee noted that the Litecoin Foundation can’t do much about random individuals publishing bogus news, but that falsified press releases are also a problem in the stock market.
Every day, around $3 billion worth of Litecoin is transmitted — not all of it for payments, but a significant portion of it for transactions, he estimates. More than $1 trillion worth of Litecoin has been transferred through the network in the previous ten years, demonstrating that “Litecoin is genuinely being utilized and it’s very popular.