Walmart says the crypto fee announcement is faux. Litecoin falls after the spike

Customers shop at a Walmart store in Houston, Texas on August 4, 2021.

Brandon Bell | Getty Images

Cryptocurrency Litecoin gave up a 20% gain and fell back to earth after a fake press release from GlobeNewswire referring to a partnership with Walmart.

Walmart spokesman Randy Hargrove confirmed the press release is not authentic. He also said the retailer contacted the Newswire company to investigate how the false press release was published.

Litecoin was last traded down 2%, according to Coin Metrics.

A number of media organizations, including CNBC, made headlines over the announcement. Walmart stocks had little movement.

The announcement pointed to a non-functioning website in the email of one of the listed contacts, which aroused suspicion.

The press release stated that Walmart, the largest retailer in the United States, would accept cryptocurrency for payments from buyers using Litecoin. The publication was never listed on Walmart’s official corporate website and has been removed from the GlobeNewswire website.

This is a developing story. Check back for updates.

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