Kroger Investigating Fake Press Release Touting Bitcoin Cash Acceptance By The Firm

Kroger Co is investigating the issuing of a bogus news release claiming that the company will accept bitcoin currency at its shops, the grocer announced on Friday.

This made the company the second big retailer in recent weeks to be caught up in a crypto scam.

The announcement, which stated that the retailer will take cryptocurrencies this holiday season, was posted on Kroger’s investor relations page before being removed.

The page, which is automatically updated, receives a direct feed from PR Newswire, where the bogus release also appeared, according to the business.

“This communication was fraudulent and is unfounded and should be disregarded,” a company spokesperson said in an emailed statement, adding that Kroger was in touch with PRN on the issue.

PRN retracted the false notification and stated that it was “urgently examining the event, including any criminal conduct linked with this subject.”

Bitcoin cash is a fork of bitcoin’s core software code that was created in 2017 and was initially created by a small group of predominantly Chinese bitcoin miners.

In September, a phony news release advertising a partnership between the world’s largest retail chain Walmart and litecoin was issued, resulting in a cryptocurrency scam involving the retailer. The announcement temporarily pushed the price of the little-known cryptocurrency skyrocketing. 

Despite a string of hoaxes, cryptocurrencies are gaining acceptance among mainstream investors and businesses, including theatre chain AMC Entertainment Holdings Inc (AMC.N), which announced in September that it would accept bitcoin, ether, bitcoin cash, and litecoin for ticket purchases in the coming months. more info

Bitcoin values fell marginally when Kroger suggested the announcement was a hoax.

The Securities and Exchange Commission’s spokeswoman stated the agency would not comment on “the existence or nonexistence” of a prospective inquiry into the phony news release.

(Adapted from Latestly.com)



Categories: Creativity, Economy & Finance, Entrepreneurship, Regulations & Legal, Strategy, Uncategorized

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