Scammers Pose as Wal-Mart and Cause a Massive Crypto Surge

There has been a massive dup and pup scheme as the crypto known as litecoin experienced a surge that was over 20% this Monday. All of this happened after the release of a false piece of news that claimed Walmart planned to start accepting payments made for a variety of online purchases. In most cases, investors had loads of reasons to believe that the news they were seeing was most likely true. There was a verified account of litecoin on Twitter and it made waves in the crypto word recently.

For those who are wondering, this news started gaining momentum when the verified account of litecoin posted a link to the news being talked about. Needless to say, it looked legitimate enough to convince people that it was actually true. Because of this, the word spread like wildfire and people started taking gospel as it was the truth.

The main problem occurred from the fact that there was actually some truth to the news that was posted by the seemingly verified litecoin account. The legitimate part of it was that Walmart actually posted a job, looking for an expert in crypto. The multinational organization wanted this expert to work at their corporate office. However, most of the news outlets that picked this news up thought that the company was looking to make the transition towards crypto.

It made people believe that they could make use of litecoin in order to make any kind of purchase from Walmart. Unfortunately, however, there is not much truth to that as the news turned out to be false. As you would expect, this caused a great deal of confusion in the crypto world, causing people to raise questions about the legitimacy of the news that is posted about crypto in a variety of social media platforms.

The fact that the news about Walmart spread so quickly is enough to suggest that one has to be very careful when it comes to any matter related to cryptocurrencies. What’s more, if this problem is not addressed in a swift and timely manner, it could complicate things even further down the line, raising more issues in the process.

 This incident suggests that there should be some sort of monitoring of crypto-related news on every social media platform to steer clear from trouble. Fortunately, it looks like things could be headed in the right direction as some countries are working on stricter monitoring. What’s more, there has also been an increase in crypto related regulations to protect investors from frauds, ensuring they remain safe. Sure, there is a lot of more work that needs to be done, but things have been going at a steady pace.