An hour after the initial report, a Walmart spokesperson confirmed that a press release on Litecoin was “not authentic.”
Litecoin’s price jumped to more than $237 this morning, following false reports from major news outlets that U.S. retailer Walmart would add a cryptocurrency payment option to all of its eCommerce websites.
According to a report, Walmart announced on Monday that it would offer a “Pay with Litecoin Option” on its retail websites beginning Oct. 1 as part of a partnership with the Litecoin Foundation, an organization that finances and promotes adoption of the Litecoin (LTC) ecosystem. The reports appeared to be the result of a single press release distributed by the distribution service GlobeNewsWire. According to the release, Walmart chose LTC for payments due to its “cheaper and faster” features and the token’s “no central authority.”
However, an hour after the initial report, a Walmart spokesperson confirmed the press release was “not authentic,”. The LTC price increased by more than 35% immediately following the publication of the fake report, rising from $175 to a monthly high of more than $237 before plummeting sharply. At the time of writing, the price of Litecoin is $182.
Walmart, which has a market capitalization of more than $406 billion, has previously indicated that it will investigate cryptocurrencies. In August, the company advertised a job for an expert to develop a digital currency strategy and product roadmap, but it did not specifically state that it would be introducing a path for crypto payments. Walmart has also used blockchain technology for supply chain management, customer marketplaces, and smart appliances.