September 27, 2021
Scam/Fraud

Posing as Walmart, scammers send crypto surging 25%

Investors had plenty of reason to believe the news was true: A verified litecoin Twitter account tweeted out a link to the announcement, which had appeared on the press release service GlobeNewswire. The press release looked legitimate enough, including (made-up) quotes from Walmart CEO Doug McMillon. Walmart had just posted a job for a cryptocurrency expert to work at its corporate headquarters. And several major news organizations picked up the news.

The announcement, however, was fake, a Walmart (WMT) spokesperson confirmed. Walmart is not accepting litecoin, and litecoin deleted its tweet. An hour after the announcement came out, Litecoin’s price fell from more than $220 back to $178 –— around where it was trading before the false release went out.

It’s not yet clear who the scammers are, but the scheme is likely a pump and dump. That’s when people buy an asset and drive up the price — typically with fake news — only to…

Read full article here: www.cnn.com