Waltonchain shoots themselves in the knee, with Valentine’s giveaway contest, yesterday when they announced the winners of the contest. One of the employees who managed their Twitter account accidentally tweeted on their official account to thank them for winning. This makes it appear as if Walton rigged this giveaway. Giving the community benefit of the doubt, it was a very small giveaway, so to rig this in order to save some advertising money would probably not be worth the potential headaches they brought upon them selfs.
On Feb. 8, the team behind Waltonchain posted a contest to Mediumwith the goal of spreading awareness about the platform. If you followed the @WaltonchainTwitter account, quote retweeted a specific tweet, dropped #WaltonchainLove in your comment, and tagged someone, then you were eligible to split a pot of 564.96 Walton Coins (WTC) with 213 other people.
On Feb. 8 one WTC was worth around $22. That means each winner could potentially get around $58 for just tweeting some stuff. Not life changing, but not bad for 1 minute of work. The problem came when the official Waltonchain Twitter account decided to announce the contest winners on Feb. 28.
What happened next was a mistake that cost them millions of USD in the market value.
Someone from that same Twitter account tweeted out a message that read like it was just a lucky guy excited about winning the contest. The tweet was quickly deleted, but it was too late: A screenshot was posted to Reddit, people called the contest rigged, the company a scam, and a massive selloff soon followed.
This is a clear example the power Twitter has on the Crypto markets, and markets in general.