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.
GlobeNewswire is owned by telecommunications company Intrado. It issued a “notice to disregard” the original release 11:18 a.m. EST.
A number of media organizations including CNBC sent headlines on the announcement. Shares of Walmart had little movement on it. Litecoin last traded 3% down, according to Coin Metrics.
The Securities and Exchange Commission didn’t immediately respond to a request for comment on whether they would be investigating what led to the issuance of the fake release.
The news release said that Walmart, the biggest retailer in the U.S., would accept cryptocurrency for payments from shoppers, using litecoin. It referenced a non-working website in the email of one of the contacts listed, raising suspicions.
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.
more recommended stories
Zimbabwe’s Lithium Discovery ‘Could’ Transform the Country’s Economy
The discovery of lithium in Zimbabwe.
Qatar Airways Launches Operations in Zimbabwe, Connecting Lusaka and Harare with 7 Weekly Flights
Qatar Airways has announced that it.
Dubai International Chamber Facilitates Expansion of Zimbabwe’s Nhimbe Fresh Exports
The Dubai International Chamber (DIC), a.
Zimbabwe Ranks Among Africa’s Most Advanced Countries
According to a recent survey by.
Tongaat Hulett Zimbabwe Grinds to a Halt as Employees Strike Over Unfulfilled Wage Promises
Operations at Tongaat Hulett Zimbabwe have.
Zimbabwe Lifts Ban on Licensed Commuter Operators
Zimbabwe’s Vice President and Health and.
CAAZ plagued by new wage disputes as employees protest payment delays
According to inside sources, the Civil.
Zimbabwe Approves National Broadband Plan to Boost Economic Development and Innovation
The Zimbabwean government plans to implement.