Cryptocurrency Litecoin gave up a 20% gain and stumbled to the ground after a fake press release sent out by GlobeNewswire citing a partnership with Walmart.
Walmart spokesman Randy Hargrove confirmed that the press release was incorrect. He also said the retailer is in contact with the news company to investigate how the false press release was published.
GlobeNewswire is owned by the telecommunications company Intrado. I issued a “Notice of Ignore” the original version at 11:18AM EST.
A number of media organizations, including CNBC, sent headlines for the announcement. Walmart stock had little movement. Litecoin last traded down 3%, according to coin metrics.
The Securities and Exchange Commission did not immediately respond to a request for comment on whether it would investigate the cause of the fake advertisement.
The news release stated that Walmart, the largest US retailer, will accept cryptocurrencies for payments from litecoin shoppers. She indicated a non-working site in the email of one of the listed contacts, which raised suspicion.
The version was never listed on Walmart’s official website and was removed from the GlobeNewswire website.