Waltonchain is a large Chinese supply chain cryptocurrency project with a $500M market cap. The team organized a Valentine's Day competition where participants needed to follow their official Twitter account, @waltonchain, retweet the official Waltonchain campaign tweet, and other various social media actions. Winners of the competition received free WTC.
On Februrary 28th, the team announced the winners of the competition in a tweet from @waltonchain. Oddly enough, the same Twitter account replied to the tweet with a message enthusiastically accepting the prize. Before the team could delete the tweet, the reply was screenshotted and widely shared on social media.
WTC's price quickly tanked after this gaff, dropping from $22.55 to $17.42.
The team issued an official apology for the incident and denied accusations that they ran a fake competition. They claimed that a team member entered the drawing and won, only to use the wrong Twitter account to celebrate.