(Reuters) –Walmart Inc said on Monday that a press release announcing a partnership with litecoin, which briefly led to a nearly 30% surge in the cryptocurrency’s price, was fake.
The retailer said it was looking into how such an announcement, which was published by press release distributor GlobeNewswire, was issued earlier in the day.
Separately, the Litecoin Foundation said in a Twitter post that it had no information on where the news release had originated. The foundation is a non-profit organization that promotes the cryptocurrency and is run by litecoin creator Charlie Lee.
After Walmart called it fake, GlobeNewswire published a notice to “disregard” the press release. However, it did not comment to a query by Reuters on the fake statement or the subsequent notice.
The false press release said Walmart would allow its customers to make payments with litecoin at its online stores. An email earlier sent to a contact person in the statement remained ‘undeliverable’.
Litecoin jumped about 30% following the fake statement, but they quickly pared gains and were last up just about 4%. Walmart shares opened higher on Monday, but were last trading down 0.8%.
Bitcoin prices also slipped after briefly turning positive following the hoax announcement.
Reuters and other news outlets had reported on the partnership. Reuters withdrew its initial story.
(Reporting by Uday Sampath and Praveen Paramasivam in Bengaluru; Editing by Arun Koyyur and Anmil D’Silva)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.