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Litecoin Creator Addresses Walmart Controversy

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Mon, 09/13/2021 - 16:54
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Alex Dovbnya
The Litecoin Foundation has distanced itself from the Walmart imbroglio
Litecoin Creator Addresses Walmart Controversy
Cover image via stock.adobe.com
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Litecoin creator Charlie Lee told The Wall Street Journal that the Litecoin Foundation’s social media manager had thought that the news about Walmart accepting the altcoin was real: 

It was wrong to retweet it. We deleted it quickly afterwards. But the damage is done.           

The non-profit organization has also clarified that it hasn’t entered into a partnership with Walmart.

This is in line with a statement that was issued by a spokesperson of the retail giant earlier today.

As reported by U.Today, a doctored press release on GlobeNewswire, which was written up by Reuters and CNBC, made the Litecoin price jump nearly 30 percent in no time.

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The official Litecoin account tweeted out the news before deleting it.

Lee doesn’t know who’s behind the hoax.

The “silver to Bitcoin’s gold” made a full retrace after it came to light that the press release was fake.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.