There is an earthquake of fake news in the crypto market. All the claims about Litecoin turned out to be unfounded.
Cryptocurrency markets have been turned upside down after allegations that the cryptocurrency Litecoin would partner with US retail giant Walmart were false.
Cryptocurrency markets have been quite active after Litecoin shared a tweet about the partnership with retail giant Walmart from its verified account on Twitter yesterday. After the allegations were rejected, an earthquake effect was seen in the crypto markets.
Reuters, Bloomberg and CNBC’s claims about Litecoin turned out to be unfounded
The fake news was also shared by media outlets such as Reuters, Bloomberg and CNBC.
Litecoin gained 33 percent after the fake news emerged. An hour after the news spread, most of Litecoin’s day-to-day gains were wiped out, while Wallmart denied the allegations. In addition, the fake news affected other cryptocurrencies. Litecoin also later confirmed that the announcement was false.
After the news, Litecoin, which rose from $ 175 to $ 237, was again withdrawn to $ 176 after the denial.
It was stated that the e-mail address where the fake press release was shared does not have any official ties with Walmart.
Charlie Lee, executive director of Litecoin Foundation, Makes a Statement
Charlie Lee, executive director of the Litecoin Foundation, noted that they were in a very bad situation after one of their employees “retweeted” the false announcement regarding the partnership with retail giant Walmart.
“We try our best not to tweet fake news, but this time we really screwed up,” said Charlie Lee, Litecoin creator and general manager of the foundation.
Besides Litecoin, one of the other cryptocurrencies, Bitcoin, also fell more than 3 percent daily. Ethereum, on the other hand, lost more than 6%.
At the end of July, news emerged that the US-based e-commerce and IT giant Amazon will accept the crypto currency Bitcoin as a payment tool from the end of this year, and Bitcoin gained value after the news. After Amazon denied the news, the cryptocurrency lost value again.
While such manipulations raise concerns about insecurity in the cryptocurrency world, they strengthen the hand of critics who want to regulate.
What is Litecoin (LTC)?
Litecoin(LTC) is the shining new star of digital currency exchanges. Litecoin, a cryptocurrency such as Bitcoin, Ripple, Ethereum, Tether, is visually silver in color. Being an open source software project, Litecoin is not managed by any central authority.
Litecoin was developed in 2011 by Charlie Lee, a former Google employee who graduated from the Massachusetts Institute of Technology (MIT). Although Litecoin has the same working principle as Bitcoin, there are some differences between them.
Litecoin, which has the feature of being the first altcoin, emerged with the aim of transferring money at very low costs. It also offers more storage possibilities than other cryptocurrencies.
This digital currency, which is traded on the open-source blockchain system and is not connected to any center, increases its value day by day.
How Litecoin Technology Works
The creator of Litecoin, Charlie Lee, took Bitcoin as an example while creating Litecoin and set a new vision for himself. Litecoin, like Bitcoin, is built on an open-source payment network that is not controlled by a central authority.
However, Litecoin differs from Bitcoin because of the Scrypt algorithm it uses. Thanks to this algorithmic basis of Litecoin, it has a high transaction volume and the ability to process blocks very quickly.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.