Walmart Deal with Litecoin Proven Fake

A fake press release was issued Monday by Litecoin, announcing a deal with Walmart that would have the retailer accept the cryptocurrency within its stores.

The press release was originally published by GlobalNewsWire, saying Walmart had announced a “major partnership” with Litecoin. Suspicions arose after Twitter users noticed no mention of a partnership on the retailer’s Twitter. Even the Litecoin Twitter page removed a tweet announcing the partnership.

The story was picked up by several news outlets before the release was determined to be fake. CNBC and Reuters were among the outlets to publish the story, even fake-quoting Walmart’s CEO.

A Walmart spokesperson reached out to CNBC to notify them of the story’s inaccuracy.

Litecoin’s price soared after the fake partnership was announced. It rose 25%, peaking at $231 before descending to $179 after the truth was revealed.

Litecoin is currently trading around $180.

The story is still developing.

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