The Fake news is in the basket ! – Bitcoin (BTC) and other cryptocurrencies are far from being spared the scourge of fake news. Today it is Bitcoin Cash (BCH) and the American company Kroger that have been targeted by false information.

Fake news alert for Bitcoin Cash (BCH)

On November 5, a press release was published on the site the giant of mass distribution Kroger about theacceptance of Bitcoin Cash (BCH) from the month of December. It even included a fake quote attributed to Kroger’s CEO Rodney McMullen. However, this information has been denied and thus enters the large family of Financial Fake News. According to Reuters, the Kroger company research the authors of this false publication. In addition, she also asked the news agency that feeds her page, PR Newswire (PRN) to investigate this incident.

“This communication was fraudulent and unfounded, it should be ignored. “

Kroger’s spokesperson

It must be conceded, it may seem obvious to members of the Kroger company, but not for investors. Like any ” good “ fake news, she had to present a certain degree of probability. However, it would not have been extravagant to think that a retail giant accepts payments in cryptocurrency.

Moreover, this information, which was quickly denied, had a detrimental effect on the price Bitcoin Cash. Indeed, the price of BCH / USD recorded a variation of more than 10% because of a large sales volume caused by Kroger’s denial.

BCH / USD in 4 hour time unit – Source: TradingView

Finally, on the side of the American regulator, the Securities and Exchange Commission (SEC) stated that it does not would not pronounce on the question of knowing whether or not she opens an investigation about this fake news.

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The appetite of crypto fake news authors for mass distribution

Kroger isn’t the first mass-market company to be the subject of a crypto hoax. Indeed, during the month of September 2021 it is the giant Walmart who was the target of fake news. This announced the partnership between Walmart and Litecoin (LTC). Before being denied by Walmart, many investors believed information. Moreover, even the person in charge of Litecoin Foundation Twitter account had been trapped and relayed the fake news, before changing his mind by deleting the tweet.

The domain of large distribution represents a windfall for the authors of crypto fake news, at least, for two reasons. The first is due to the fact that the field of large-scale distribution interests theentire population. Thus a crypto fake news linked to a company in this field of activity is likely to reach a wide spectrum of investors.

The second reason is the degree of credibility of these fake news. Indeed, these partnerships are quite credible on paper, since more and more traditional companies start to accept cryptocurrency payments. For example, one of the leaders of film sector, AMC Entertainment, said he would accept payments in Bitcoin (BTC), in Ether (ETH), in Bitcoin Cash (BCH) and in Litecoin (LTC) for the purchase of cinema tickets.

Therefore, vigilance must be applied when it comes to announcements combining companies in the distribution sector, or in culture and digital assets. Yet these same companies do not seem totally insensitive to the potential offered by cryptocurrencies. During the summer of 2021, Walmart posted a job in order to recruit a “digital currency product manager”. Therefore, it may be more and more difficult to disentangle the true from the false …

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