Walmart says crypto funds announcement is faux. Litecoin tumbles after spike

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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 telecommunications company’s news company Intrado to investigate how the false press release was published.

A number of media organizations, including CNBC, made headlines over the announcement. Walmart stocks had little movement. Litecoin was last traded 3% lower, according to Coin Metrics.

The Securities and Exchange Commission did not immediately respond to a request for comment as to whether it would investigate what led to the publication of the bogus publication.

The press release stated that Walmart, the largest retailer in the United States, would accept cryptocurrency for payments from buyers using Litecoin. In the email, one of the listed contacts referred to a non-functioning website, which aroused suspicion.

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.