The price of Litecoin (LTC) rose sharply earlier today, after a fake press release claimed the Litecoin Foundation had partnered with U.S. retail giant Walmart.
A press release published at 9:30 ET on distribution service website GlobeNewsWire, which has since been deleted, claimed that on 1 October retail giant Walmart will launch a “Pay with Litecoin Option”. The dubious release further claimed Walmart had chosen to adopt the cryptocurrency as it was “cheaper and faster” than other options, and it had no central authority.
After being picked by major news organizations like Reuters and CNBC, as well as getting a re-tweet from the Litecoin Foundation by mistake, the fake press release quickly spread, causing the price of the currency to rise sharply.
According to data from Coingecko, the price of LTC surged from $171 to more than $235, a whopping 37% increase, in less than 30 minutes, but has since dropped back to $179.
Roughly an hour after the news broke out, a spokesperson for Walmart told CNBC that the press release was “not authentic”, and that Walmart was investigating how the false report got posted.