Litecoin tumbles on fake Walmart press release

Walmart is the world's largest retailer

Walmart and crypto investors were hit with fake news on Monday. 

A press release, distributed by GlobeNewswire, touted the retail giant's alledged new payment option with Litecoin that turned out to be fake, according to Walmart. 

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The release has since been deleted.

Ticker Security Last Change Change %
WMT WALMART, INC. 143.17 +0.40 +0.28%

Inquiries by FOX Business to GlobeNewswire and the Litecoin Foundation were not immediately returned. 

Walmart issued the following statement Monday afternoon. 

"Walmart was the subject of a fake news release issued on Monday, Sept. 13, that falsely stated Walmart announced a partnership with Litecoin (LTC). Walmart had no knowledge of the press release issued by GlobeNewswire, and it is incorrect. Walmart has no relationship with Litecoin.

GlobeNewswire issued a notice across its service confirming that journalists and other readers should disregard the news release, "Walmart Announces Major Partnership With Litecoin (LTC)" issued September 13, 2021, over GlobeNewswire. All further questions should be directed to GlobeNewswire" it stated. 

The price of Litecoin popped as high as $233.44 per coin Monday before turning lower on confirmation of the erroneous news. 

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Litecoin, released in 2011, is one of the oldest digital currencies in the cryptocurrency ecosystem which shares many similarities to Bitcoin, such as using the same code. 

However, Litecoin is a cheaper and faster alternative that can generate mining blocks up to four times faster than the world's largest cryptocurrency.