Bitcoin Cash Briefly Spikes on Fraudulent Press Release

Bitcoin Cash (BCH) saw a sharp but short-lived uptick in its value on Friday after the publication of a fraudulent press release claiming that U.S. supermarket giant Kroger would be accepting the cryptocurrency as payment this holiday season.

  • The crypto rose over 4.6% from $602.63 at around 11.30 UTC to $630.70 less than 15 minutes minutes later following the fraudulent announcement’s publication. BCH subsequently gave back all its gains to fall below the price it had been prior to the announcement. At the time of writing it is priced at $601.74.
  • As per the announcement, which was issued on PRNewswire and appeared on the Kroger website, the grocery retailer would be accepting BCH for all in-store and online purchases from Dec. 1.
  • A company spokesperson confirmed to CoinDesk at 11:49 that the release was fraudulent. At press time, the release had been removed from the company site.
  • “This morning a press release was fraudulently issued claiming to be The Kroger Co. that falsely stated the organization will begin to accept Bitcoin Cash. This communication was fraudulent and is unfounded and should be disregarded,” a spokesperson said.
  • This fraud is similar to the one in September which fraudulently claimed that Walmart would start to accept litecoin.
  • Bitcoin cash, the world’s 21st largest cryptocurrency by market capitalization at the time of writing according to CoinMarketCap data, was formed out of a hard fork on the bitcoin network in 2017.

--

--

--

Stock Point is a cross-platform cryptocurrency exchange. Crypto it’s easy with us! stockpoint.io

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

MAP Win The Most Valuable Award in Building the Next Digital World Hackathon

PLAY -TO-EARN: The New Crypto Standard, Changing The Future of Online Gaming

Lightening Cash Deployment On Polygon

An Interview with Trinity Founder Mr. David Li

Greenfield One backs Vega to develop decentralized derivatives protocol

Why Cardano is more decentralized than ever before

PAID Network partners up with LaunchPools to bring equal IDO opportunities for their communities

The Great Migration! CENNZ and CPAY are moving to their native network: CENNZnet

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Stock Point

Stock Point

Stock Point is a cross-platform cryptocurrency exchange. Crypto it’s easy with us! stockpoint.io

More from Medium

💡3 Things to know before choosing a cryptocurrency

Chainlink Outlook: Jan 30th

Use This New Crypto Card to Spend Against the Crypto in Your Metamask & Ledger Wallet

Is your crypto wallet at risk of being lost?