In Brief:
- The price of Litecoin pumped 30% after a fake press sent out by Global newswire about Walmart Inc.
- A Walmart spokesperson confirmed that the press release was not authentic.
- The email used in press release do not go to any official website.
The price of Litecoin pumped after a fake press sent out by Global Newswire saying the American multinational retail corporation Walmart Inc would be accepting Litecoin for payment and partnership with Litecoin(LTC).
However, Walmart confirmed that the press release was fake and said that “Walmart had no knowledge of the press release issued by GlobeNewswire, and it is incorrect. Walmart has no relationship with Litecoin.”
Walmart spokesman Randy Hargrove confirmed the press release is not authentic. He also said the retailer has been in touch with the newswire company to investigate how the false press release got posted. Various mainstream media outlets published stories about it, including CNBC, Reuters, Bloomberg much more.
“This has never happened before, and we have already put in place enhanced authentication steps to prevent this isolated incident from occurring in the future,” said a spokesperson. “We will work with the appropriate authorities to request and facilitate – a full investigation, including into any criminal activity associated with this matter.”
The fake press release featured Doug McMillon, the CEO of Walmart, and Charlie Lee, the creator of Litecoin. Bloomberg TV published this video entitled “Walmart-Litecoin Pact Hoax Jolts Crypto Market.”
Litecoin Founder Charlie Lee spoke exclusively with Emily Chang on Bloomberg TV about the origins of fake news and disclosed that “The Litecoin Foundation has not entered into a partnership with Walmart.” He also said, “Definitely not anyone on our end.”
Furthermore, an official Litecoin Twitter account with a blue checkmark also tweeted about the press release. The Litecoin Foundation initially tweeted the news and has since deleted the tweet.
Also Read: Walmart is Looking To Hire Digital and Crypto Expert
Many cryptocurrency influencers tweeted out that it was “fake.” The Securities and Exchange Commission said it does not comment on such matters. LTC gained 30% in 24 hours after the fake news went viral.
One individual discovered that the name “WALMART-CORP.COM,” the email used in the globenewswire.com press release, did not go to an official website. Perhaps most vitally, the domain name included for “William White” was walmart-corp.com”. The domain name was registered in late August.
