Customers shop at a Walmart store on August 04, 2021 in Houston, Texas.
Brandon Bell | Getty Images
Cryptocurrency litecoin gave up a 20% gain and tumbled back to earth following a fake press release sent out by GlobeNewswire that referenced a partnership with Walmart.
A Walmart spokesperson confirmed the press release is not authentic. Litecoin last traded down by 2%, according to Coin Metrics.
A number of media organizations including CNBC sent headlines on the announcement. Shares of Walmart had little movement on it.
The announcement referenced a non-working website in the email of one of the contacts listed, raising suspicions.
The news release said that Walmart, the biggest retailer in the U.S., would accept cryptocurrency for payments from shoppers, utilizing litecoin. The release was never listed on Walmart’s official corporate website.
This is a developing story. Check back for updates.
