Opinions expressed by Entrepreneur contributors are their own.
The old adage of don’t believe everything you read hit Walmart hard today after a fake press release was published by sources pretending to be the company.
The fake release, which was sent out by Global Newswire, claimed that cryptocurrency coin Litecoin would soon be accepted as a form of payment at Walmart online, sending Litecoin skyrocketing up to nearly 30% at its highest uptick.
The coin reached a valuation of $232.
However, Walmart quickly shut down the fake news as the press release was scrubbed.
“Walmart had no knowledge of the press release issued by GlobeNewswire and there is no truth to it. Walmart has no relationship with litecoin,” a Walmart representative said in a statement, per Reuters.
CNBC reported that the Litecoin Twitter account retweeted the release Monday morning before verifying with Walmart on the accuracy. Litecoin then issued a formal statement on the same social media platform following the bombshell.
An official statement regarding today’s false news – Charlie Lee will be live on Bloomberg today at 2pm PST addressing the subject. pic.twitter.com/x7z7NZ02nZ
— Litecoin Foundation (@LTCFoundation) September 13, 2021
“We feel the need to comment on the recent false news that the Litecoin Foundation and Walmart announced an official partnership. This is not the case and we have no information as to where this idea or the release to the press originated,” the statement reads. “A fake press release, which looked to be official, was sent out this morning across Global Newswire. It is not our policy to release a partnership in such a way.”
Litecoin was up a mere 1.84% as of late Monday afternoon, valued at around $181.74.