Waltonchain recently held a Valentine’s Day giveaway via their official Twitter account, where users were to be awarded with free WTC if they were lucky enough to be among the winners selected by Waltonchain. Everything appeared to be on the up and up, with the Walton community genuinely excited over the chance to win some of their favorite crypto directly from the source. However, that excitement quickly turned into anger and distrust, when a person managing the Waltonchain Twitter account made a major PR mistake: they forgot to log out of the main Waltonchain Twitter account, and sent out a tweet thanking Waltonchain for selecting them as winners.
Users on Twitter were quick to notice, tweeting back at Waltonchain’s official account poking fun of the mistake and calling them out for what appears to be a scandal where Waltonchain faked “winners” of a giveaway. The situation quickly moved to other social media platforms, such as Reddit and Telegram.
On Reddit, the r/waltonchain subreddit is packed with threads discussing the topic. There, moderators of the subreddit had been censoring threads and discussion from users who are rightfully upset over the issue, or concerned over the value of their investments. Over on the official Waltonchain Telegram, users flocked there seeking to hear an official statement from Waltonchain, but anyone who asked were banned from the group.
Waltonchain’s price dropped in value 20% almost immediately, shedding more than $80 million from its total cryptocurrency market cap.
Thursday morning, Waltonchain issued a statement attempting to do some damage control that reads:
“Concerning one of our team members who was among the winners in our Valentine’s give-away, we would like to publicly apologize to all supporters. We promise to deal with the matter in a serious and responsible way. To clear up this situation, the winners were selected at random by a script. The official selection process was recorded live and we have provided a link to that video below. A Waltonchain team member was among the winners and excitedly tweeted using the wrong profile. We officially state that this team member’s participation and prize (2.14 WTC among a total pool of 564.96 WTC) are cancelled, and from now on team members are prohibited to participate in any or our official campaigns. Again, please accept our deepest apologies for this incident.”
Waltonchain also linked to a video that claims to prove that the winners were picked at random by a script. Unfortunately for Waltonchain, the damage has been done, and in a world of speculative investment, investors will view Waltonchain as a risk.
Considering this shady business practice and how it was handled, it is difficult to take Waltonchain’s video at face value. The video could just as easily been filmed after the issue had taken place, in an attempt to save face and clear their names. The most likely scenario, is that Waltonchain was faking the giveaway winners, and had additional Twitter accounts ready to post excitedly that they had won. Whomever was in charge of Waltonchain’s Twitter account, forgot to log out and into a separate account - a rookie social media mistake. It is difficult to believe that a low level employee was given access to the official Waltonchain Twitter account, which the company asserts is what caused the confusion. Whatever the real story is, Waltonchain is going to struggle to be viewed as trustworthy for the foreseeable future.