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Someone made a lot of money spreading fake news about the partnership between Litecoin and Walmart. But what is the cost if they are caught?
The fake news earlier this week that sent Litecoin to the stars and back to earth in a split second could literally turn out to be more serious than imagined because — unlike what happens in crypto — the market The stock market is adjusted in millimeters.
According to information from Reuters, Walmart Inc has opened an investigation regarding a fake news spread through newsletter distributor Globe Newswire claiming that the company has secured a partnership with the Litecoin Foundation to accept coins. encode.
Additionally, regarding Walmart Inc’s actions, Globe NewsWire said in an email that it will work with the appropriate authorities to investigate the incident.
“We will work with the appropriate authorities to request – and facilitate – a full investigation, including any criminal activity related to this matter.”
Jail and millions of dollars in fines
It is very common to witness price swings according to rumors without investigating anything. It is the nature of the market, and traders take advantage of this lack of regulation to orchestrate schemes of manipulation ranging from fake ads to widely coordinated Pump and Dump operations.
But when someone creates a situation like this that can affect the stock market, things change dramatically. And this is important because Walmart Inc is a publicly traded company and potential partnerships can affect the company’s fundamentals or risks.
On the surface, these “trolls” are intended to increase the price of LTC, but it can be proven that they may also have affected Walmart’s stock price.
Under the Securities Act of 1933 and the Securities Exchange Act of 1934, a person is involved in securities fraud if he knowingly engages in fraudulent conduct aimed at manipulating financial markets or causing investors to investors make financial investment decisions based on deceptive or untrue information.
In general, securities fraud occurs when someone makes false statements about a company or the value of its shares and others make financial decisions based on false information.
Third Party Misrepresentation is a type of securities fraud and it occurs when a third party provides false information about the stock market or a particular company or industry. Conviction of federal securities fraud can lead to a five-year federal prison sentence for each count and a fine of up to $5 million.
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