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Walmart and LightQueen fake news; What was the story about?

Yesterday, some of the world’s leading media outlets spread the false news that Walmart, one of the largest chain stores in the world, intends to add the option of paying using LightCoin digital currency to all its online stores. Following the news, the price of Litecoin exceeded $ 237.

Valmart intends to announce on Monday that Walmart intends, as part of its partnership agreement with the LightQueen Foundation, to provide Accept the financial resources required by this organization and help to further accept the ecosystem of this digital currency, from October 1 (October 9), accept LightCoin as a payment method in its online stores.

Market data show that LightQueen has grown 35% since the release of this news, from $ 175 to its previous month’s price peak of $ 237. But after the news turned out to be fake, LightCoin fell sharply and is now trading at around $ 178.

The main source of this news seems to be a report that was published yesterday in the GlobeNewsWire press service. The report said Walmart had chosen the digital currency for its payments because of LightCoin’s “cheap, fast and decentralized” nature.

However, an hour after the report was found to be fake, a Walmart spokesman confirmed that the news published by Globe Newswire was not true. LightQueen’s marketing director later announced that they had not released the news and that LightQueen had not yet partnered with Walmart.

Charlie Lee, the creator of LightQueen digital currency, appeared on Bloomberg TV early this morning to explain the fake news of yesterday, as the events confused the audience as well as the media.

The founder of LightQueen said that at first he was excited to hear this news, but later he realized that it was fake. He says the Globe Newswire, the media outlet that first reported the news, is working with authorities to identify the perpetrators. Lee said LightQueen did not play a significant role in the investigation into the case, adding that the spread of fake news in the digital currency and stock markets is common.

Charlie Lee said the source of the news was not people active in the LightQueen Foundation, and that someone outside the organization had published the fake statement. He says LightQueen is a decentralized project and that is why people with different motives may have published such news.

He claims that the LightQueen Foundation has not benefited from the price spike that occurred after the news broke. Lee said he has only 20 units of LightQueen, about $ 3,500, and therefore has no incentive to manipulate the price of the digital currency.

Most of LightQueen’s allegations have so far been denied by Lee, although he has claimed responsibility for the foundation’s affiliated social networks, one of which accidentally published the news. He said the LightQueen Foundation, which has now realized the impact of its Twitter page, should confirm it before the news is published.

The founder of LightQueen said:

I mean, we try our best not to tweet fake news, and this time we were really confused. [در آینده] We will do our best.

Walmart, whose stock market value exceeds $ 406 billion, has previously said it monitors digital currencies. The global retail giant posted a job advertisement last month seeking to hire an expert who could develop their digital currency strategy and design the company’s product roadmap, but Walmart did not explicitly say it intended to add a payment method. New using digital currencies or not. In addition, Walmart uses the Blockchain to manage its supply chain, customer sales terminal and smart devices.


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