A press release linking Walmart to a cryptocurrency called LiteCoin was later revealed as fake, causing Litecoin’s price to tumble by nearly a third. The release, sent on GlobeNewswire around 9:30 a.m. Eastern, claimed Walmart customers could soon use Litecoin to buy products from America’s largest retailer. It was promoted by Reuters, CNBC, the Bloomberg terminal network, and the Litecoin Foundation. The news caused the price of a single Litecoin to surge about $60 to $233.75. But Walmart soon called the release fake, and Litecoin acknowledged the news wasn’t true. “Walmart was the subject of a fake news release,” the company said in a brief statement, describing the release as “incorrect” and stating that it has no relationship with Litecoin. The Litecoin Foundation, a nonprofit that promotes the cryptocurrency, said that its sharing of the release was due to a social media team staffer being “a little too eager” about …
CNBC, Reuters Correct Fake Walmart Cryptocurrency Stories; Litecoin Tumbles
September 13, 2021
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