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

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

Clients store at a Walmart retailer on August 04, 2021 in Houston, Texas.

Brandon Bell | Getty Pictures

Cryptocurrency litecoin gave up a 20% achieve and tumbled again to earth following a pretend press launch despatched out by GlobeNewswire that referenced a partnership with Walmart.

Walmart spokesman Randy Hargrove confirmed the press launch shouldn’t be genuine. He additionally mentioned the retailer has been in contact with the newswire firm to analyze how the false press launch bought posted.

Litecoin final traded down by 2%, in keeping with Coin Metrics.

Various media organizations together with CNBC despatched headlines on the announcement. Shares of Walmart had little motion on it.

The announcement referenced a non-working web site within the e-mail of one of many contacts listed, elevating suspicions.

The information launch mentioned that Walmart, the most important retailer within the U.S., would settle for cryptocurrency for funds from customers, using litecoin. The discharge was by no means listed on Walmart’s official company web site and has been faraway from the GlobeNewswire web site.

This can be a growing story. Examine again for updates.

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