Billionaire Mike Novogratz is kicking himself for not moving fast enough to short Litecoin from altcoin projects on fake Walmart news. Dogecoin co-creator Billy Markus made fun of the chain of events. For details of this interesting event cryptocoin.com keep reading.
How did altcoin manipulation happen?
On September 13, Litecoin price spiked by about 30%, from $183 to $233. Investors were buying on rumors that Litecoin had signed a partnership with retail giant Walmart. The immediate backlash came in response to a fake press release that the scammers managed to temporarily post on GlobeNewswire. Mike Novogratz, a former hedge fund trader at Fortress Investment Group, said at the last Salt conference that he knew something was wrong from the start:
I’m scratching my head, for example, who buys Litecoin and why?
However, the savvy trader did not move fast enough to short the cryptocurrency in anticipation of the falling blade, which was inevitable afterward. Within minutes, Litecoin made a 180-degree turn and dropped as low as $171 before closing at $179. Mike Novogratz made the following statement:
It didn’t make any sense to me. But I wasn’t quick enough to short it, and that, of course, turned out to be a scam.
By the way, it should be noted that it was not only billionaires who took double shots.
It’s pretty crazy how Litecoin news was generated to liquidate my $30 deficit in FTX, but here we are.
Weird..Someone shorted 100M USD or 2,200 BTC on FTX this morning and got squeezed into Litecoin fake news. You look like a failed fence. I don’t know anything like fish.
To be fair, the Galaxy Digital chief didn’t have much time to act. It was only a matter of minutes before the cryptocurrency industry started scamming. Any partnership between Walmart and Litecoin must be a lie. Of course, it didn’t take long for the Litecoin Foundation to reject the rumors and Walmart refused to adopt the 15th largest cryptocurrency:
Walmart has confirmed to CNBC that its report that it will accept Litecoin as payment is false. Litecoin spent like 20 minutes.
Dogecoin creator Billy Markus teases the chain of events
Ed Moya, senior market analyst at Oanda Corp, recently said that scammers have chosen a less popular altcoin, Litecoin, over high-profile cryptocurrencies like Bitcoin, Ethereum, and Dogecoin, as they try to buy themselves some time. Any higher-profile cryptocurrency signing a deal with a name like Walmart would immediately send alarm bells. Litecoin was traded among the top 10 cryptocurrencies, but became less relevant after the 2017 bull market run after founder Charlie Lee sold off his holdings. Dogecoin co-creator Billy Markus made fun of the chain of events.
Pure comedy: Fake news has been published about Walmart partnering with Litecoin. Multiple mainstream news sources are reporting false stories. Litecoin is up 25% on BS. The story has been debunked. Earnings cleared in minutes. There are good reasons not to take these things so seriously.
Noting that scams can happen in any industry as popular as crypto, Mike Novogratz hopes bad actors are brought to justice.
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