Waltonchain’s Social Media Screw-Up Sends Market into Downward Spiral

Even though the Waltonchain project is quite popular among cryptocurrency speculators, the company has suffered a major setback. A social media campaign competition was quite successful, but one of the “bounty winners” turned out to be a member of the team itself. This colossal screw-up forced the WTC team to apologize and remove that winner from the list.

WaltonChain Social Media Issues

With so many competing crypto and blockchain projects on the market today, it’s become increasingly difficult to keep one’s product on the radar in between major developments. As for the Waltonchain team, they decided to organize a bounty campaign on Twitter in which users could earn over $50 worth of WTC just by tweeting a message to their followers.

No one will be surprised to learn there was a ton of interest in this bounty. According to the Waltonchain team, this campaign proved to be incredibly successful. Unfortunately, there were some issues when it came to distributing the bounty itself. One of the randomly-picked winners – who were selected via a script running on a live stream – is a member of the Waltonchain team itself. This development caused quite a stir on Twitter earlier this week.

This issue came to light when one of the winners shared his excitement using the official Waltonchain Twitter account. Users were quick to point out that he had seemingly failed to switch accounts and was clearly aligned with the project in an official capacity. The fact that this individual won over $50 worth of WTC raised a lot of questions as to why company members are allowed to enter such competitions in the first place.

Even though this erroneous tweet was deleted rather quickly, it sparked some concerns about Waltonchain. Some people even speculated that all of the other winners may very well be shill accounts of employees of the company. Those rumors are, until further notice, completely fake and not based on factual information. It is understandable why people may be thinking along these lines, yet there is no reason to distrust this project due to one error on their part.

Unsurprisingly, the news of this failed contest quickly triggered a massive WTC selloff across various exchanges. Some people sold their assets solely because of this “rigged” social media contest. A hasty apology posted by the Waltonchain team earlier this week has not done much to alleviate people’s concerns, though. Given the vast number of scams in the cryptocurrency and blockchain world, it will be interesting to see how the Waltonchain price evolves in the next few days and weeks.

Whether this is the nail in the coffin for Waltonchain remains to be determined. Companies need to be held accountable for problems which they create themselves. This social media campaign has proven to be a big problem for the company and its community, although it is certainly possible most people will forget about this incident in a few weeks. The long-term credibility of this project may have taken an irreparable hit, though.