It can be difficult to believe many headlines about cryptocurrency or blockchain news. When a press release claims that a major retailer is tying itself to second-tier cryptocurrency, it can take some time to discover the truth. In September, a fake Walmart took Litecoin announcement was made. This morning PR Newswire published an illegitimate announcement that Kroger would accept Bitcoin Cash.
Krogers website pulls in PR Newswire releases, so the fake release appeared on Kroger.com up until it was removed. Kroger has been linked with cryptocurrency, but does not accept it for payment. Lolli announced a partnership late last year that allowed members of the rewards program to earn small amounts back on their purchases.
Kroger PR quickly released a statement confirming to The Verge that Bitcoin Cash's release was fake.
A press release purporting to be from The Kroger Co. was issued this morning, falsely stating that the company will accept Bitcoin Cash. This communication is fraudulent and should not be ignored.
Coinbase reports that the Bitcoin Cash price rose by nearly 5 percent in less than 15 minutes. It went from $602 to $630. This was most likely the point of this hoax. The price of Bitcoin Cash returned to its previous level almost immediately. However, it is possible that the scammers made a profit already.
Bitcoin Cash was born out of a contentious 2017 chain split. Its proponents attempted to fork Bitcoin by claiming that the cryptocurrency doesn't address high block size limits and transfer fees. Coinbase suspended trading due to insider trading accusations. However, Bitcoin Cash's value has not grown as fast as Bitcoin Cash over the years.