Investors had good reason to believe the news was true. A verified Litecoin Twitter account has tweeted a link to the announcement posted on the press release service Globe Newswire. The press release looked legitimate enough, including a (crafted) quote from Wal-Mart CEO Doug McMillon. Wal-Mart had just posted a job for a cryptocurrency expert to work at headquarters. And some major media outlets picked up the news.
It’s not yet clear who the scammers are, but the plan is probably a pump and dump. It’s time for people to buy an asset and raise its price-usually with fake news-just sell it when prices start to skyrocket.
GlobeNewswire contacted CNN, deleted the press release a few minutes later, announced the fix, and urged investors and the media to ignore the announcement. However, the spokesman did not respond to the request for comment.
The press release looked real at first glance, but contained some obvious signs of fake news. The email address of Walmart’s Chief Marketing Officer included a fake “walmart-corp.com” website. I used a part of the title of McMillon. And it was Wal-Mart’s first and only press release on Globe Newswire.
Pump and dump schemes are typically reserved for less regulated markets such as penny stocks and cryptocurrencies, giving regulators and investors less insight into the market and less ability to investigate criminal activity. .. Unusually, a forged press release from a Wal-Mart-sized company wasn’t the first of its kind.