Litecoin (LTC) Founder Charlie Lee Apologizes for Phony Walmart Story

Litecoin (LTC) Founder Charlie Lee Apologizes for Phony Walmart Story

The Litecoin Foundation is currently dealing with a significant crypto adoption goof sending the asset’s price tumbling. While it took a while, Charlie Lee, the company’s founder, has come out to clear the air over what happened.

‘We Screwed Up.’

Yesterday, Lee appeared on a Bloomberg TV segment. He admitted that the company “screwed up” after an employee had retweeted a false report regarding a partnership with e-commerce giant Walmart. In the news segment, Lee vehemently denied any collaboration with the e-commerce giant, adding that the Litecoin Foundation will continue to investigate the source of the fake news.

The announcement, which has since been taken down from Globe Newswire, had referenced a partnership between Walmart and the Litecoin Foundation. The partnership reportedly included accepting Litecoin as a payment method for products on Walmart – a move that would have been an incredible boon to the crypto industry.

The news had caused a 35 percent surge in the price of LTC, showing that the market was reacting positively to the prospect of a partnership with a company on the scale of Walmart.

Sadly, the news turned out to be fake news. In a statement, the Litecoin Foundation explained that the press release had come out without their knowledge, and they didn’t know about its spread – which had been so rampant that several major media outlets had covered it. In response to the hype, one of the company’s social media handlers had tweeted the press release out without getting appropriate clearance.

Apologizing, Globe Newswire also explained that a fraudulent user account had been used to share the press release. A spokesperson for the press release published called this an “isolated incident,” adding that they would continue to work with investigators to find who started the firestorm.

In his Bloomberg interview, Lee explained that anyone could start accepting Litecoin without getting approval from the Litecoin Foundation. So, he was pleasantly surprised when he woke up and saw the press release about Walmart accepting the coin. Sadly, it turned out to be fake. The market appears to have forgiven Litecoin, with the asset rising by 3.6% in the past 24 hours. The Foundation – along with Globe Newswire – will investigate the incident to prevent a recurrence.

Walmart Looks to Integrate Crypto Nonetheless

While Walmart isn’t partnering with Litecoin just yet, the company does appear to have crypto in mind. A job listing published last month shows that the company is looking for a crypto expert to develop and drive a digital currency product roadmap ad strategy.

In the job listing, Walmart indicated that it requires someone with a 10-year of experience in product and program management and technology product commercialization. The ideal candidate will be experienced in blockchain and crypto-related technologies while also having a strong knowledge of today’s crypto ecosystem.

The company is joining its biggest competitor, Amazon, looking to hire a digital currency lead.

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Author: Jimmy Aki