A fake press release from Walmart on Litecoin on Monday pushed the cryptocurrency’s price lower after the day started higher.
On Monday, bitcoin and other digital currency equities tumbled sharply.
The weekend also saw the introduction of a much-anticipated upgrade for Cardano, a blockchain platform that allows users to create “smart contracts” and other applications.
Walmart revealed in wording that it was the subject of fake news claiming it announced a relationship with Litecoin. It was unaware of the GlobeNewswire news release, which is invalid. Walmart does not work with Litecoin.
The press release withdraws from GlobeNewswire. Unable to elaborate, a spokesman stated the company has already implemented “additional authentication measures.”
“We will engage with the proper authorities to request – and enable – a complete inquiry,” he added.
GlobeNewswire didn’t respond to an emailed request for information on who submitted the press release and when released.
Walmart in Purchasing Online
Earlier in the day, Walmart announced that its customers will be able to make online purchases using the cryptocurrency Litecoin, pushing the price of the cryptocurrency up by 26%. Walmart also worked with the Litecoin Foundation, a non-profit committed to the currency’s promotion, according to the statement.
The foundation later tweeted that The Litecoin Foundation has not entered into a collaboration with Walmart.
Cardano’s unveiling of the “Alonzo” update, on the other hand, might make the network and its own coin more competitive against Ethereum’s blockchain platform. The Ethereum platform was established by one of Cardano’s creators before. Smart contracts are agreements that take effect automatically when specific circumstances satisfy.
In a blog post published on Sunday, the business stated that the upgrade, named after mathematician Alonzo Church, will usher in “a new age of fast growth” that would enable the use of decentralized banking apps and decentralized exchanges.
However, it cautioned that progress is still in its infancy.
“Let us be clear about something. There will be stumbling blocks along the way it stated.” It’s possible that early user experiences aren’t flawless. There will be concerns with some early applications. We’ll see some excellent development teams as well as some mediocre ones. This is unavoidable since this is a permissionless, decentralized blockchain.