A fraud news on Kroger accepting bitcoin went viral

Last Updated on 22/11/2021 by Sunaina

Many stories in cryptocurrency and blockchain news are hard to believe, so when an apparently credible press release links a large retail business to second-tier crypto, it might take a while to figure out the reality. That was the case with a bogus “Walmart accepts Litecoin” statement in September, and it was the case again this morning, when PR Newswire produced an unlawful notice saying Kroger will begin taking Bitcoin Cash.

Because Kroger’s website uses PR Newswire releases, the bogus announcement remained visible on Kroger.com until it was withdrawn. Kroger has a cryptocurrency connection but does not accept it as payment. Late last year, a collaboration with Lolli was launched, allowing members of that rewards programme to earn modest amounts of Bitcoin back on purchases.

Kroger PR confirmed to The Verge that the Bitcoin Cash release was a hoax and published a statement shortly after.

Coinbase reveals that the price of Bitcoin Cash jumped over 5% in less than 15 minutes, rising from around $602 to $630, which was most likely the aim of the prank. It quickly reverted to its normal level, but whomever was behind the scam may have already profited.

Bitcoin Cash developed from a disputed chain split in 2017, when its supporters performed a “hard fork” from Bitcoin, saying that the cryptocurrency had not addressed high transfer costs and block size constraints. Coinbase temporarily ceased trading due to allegations of insider trading, and the value of Bitcoin Cash has not kept up with the enormous surges observed in Bitcoin in the years afterwards.