Walmart says crypto payments announcement is fake. Litecoin tumbles after spike

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.

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.

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 and has been removed from the GlobeNewswire website.

This is a developing story. Check back for updates.