Cryptocurrency Litecoin LTC/USD soared in price Monday on a press release that mentions acceptance of the coin at a major U.S. retailer, then cratered once a Walmart spokesperson said the press release in question was fake.
CNBC reported that a Walmart spokesperson said the press release was fake.
What Happened: A press release issued Monday mentions that Walmart WMT formed a “major partnership with Litecoin.”
The reelease said the retailer accept Litecoin as a form of payment at its more than 10,500 stores across 24 countries.
A “pay with Litecoin option” would go live on October 1 according to the press release.
Litecoin was released in 2011 and is one of the oldest and most well-known cryptocurrencies.
Related Link: Dogecoin Fans Reach Walmart With Puppy Eyes, Calling For Adoption
Walmart Torpedoes PR: Shortly after the rise of Litecoin happened, many quickly questioned if the press release was real.
Walmart-corp.com was the email domain used in the press release and was registered last month. The website doesn’t go to the official Walmart website.
The email listed for William White also does not appear to be authentic. White is listed as the senior vice president and chief marketing officer of Walmart U.S.
Litecoin’s verified Twitter account shared the PR but quickly deleted it.
Several media outlets reported on the Walmart partnership. CNBC reported midmorning Monday that a Walmart spokesperson said the press release was fake.
Walmart has been quick to adopt to blockchain technology and has hired several positions related to cryptocurrency.
The company's website does not have any news about a Litecoin partnership, and it seems unlikely that the large retailer would not share the news on its own website.
Price Action: Litecoin soared on the press release, crossing above the $231 level and gaining over 26% in a short time.
As the authenticity of the press release was questioned, Litecoin began falling back down.
LTC was trading at $187.60 at the time of writing.
Walmart shares were up 1% to $146.77 on Monday.
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