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Fraudulent announcement causes Bitcoin Cash to rise



On Friday, Bitcoin Cash experienced a sudden surge in price after a fraudulent press release was released. The press release claimed that Kroger (a US supermarket giant) will accept cryptocurrency as a means of payment at Christmas time.

According to the announcement, Bitcoin Cash rose 4.6% from $ 602.63 to $ 630.70 in less than 15 minutes. The surge was short-lived, however, and the coin fell below the price it had before the announcement when it became clear it was a fake.

The announcement was posted on Newswire and also appeared on the Kroger website. It claimed that the supermarket chain would start accepting Bitcoin Cash for all in-store and online purchases from December 1st.

Later that morning, a company spokesman clarified that the announcement was fake. The press release has now been removed from the company's website. The press spokesman said:

A fraudulent press release was issued this morning. It alleged that The Kroger Co. is starting to accept Bitcoin Cash. This communication is not true, it is unfounded and should not be heeded.

False communication about Bitcoin Cash is not the first November scam

The announcement largely resembles a September scam. Back then, it was claimed that Walmart accepted Litecoin for payments. Bitcoin Cash is the 21st largest cryptocurrency in the world and arose from a hard fork in the Bitcoin network.

The coin has been down since the announcement this morning. Some investors have fallen for the fake news and are now cautious about investing in Bitcoin Cash. Details of how the report got public are not yet known.

November has been a big month for scams so far, with the recent Squid Game Pump and Dump that left investors empty-handed. The crypto market is incredibly volatile and a wave of new users has made it easy for scammers to take advantage of.

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