Walmart refutes Litecoin crypto payments team-up announcement
Walmart, one of the biggest retail chains in the United States, denied the reports that it is now accepting cryptocurrency as payment. It also refuted the claims it has signed a partnership with Litecoin, a peer-to-peer Internet currency.
According to CNBC, Walmart stated the press release that was posted online saying that it will begin accepting litecoin payments is fake. The company’s spokesperson confirmed the release did not originate from them and they are investigating the case.
The report about Walmart and Litecoin tie-up spread after various media outlets published an article about it based on the release that appeared authentic. It was posted on GlobeNewswire which is a known press release service on Monday, Sept. 13. On top of this, it also contains made-up quotes from Doug Millon, the company’s CEO, thus it looked legitimate.
"The momentum and excitement around the use of cryptocurrency are undeniable, and we are poised to make online shopping easy for our customers,” part of the quote that the Walmart CEO supposedly said in the fake press release. “As a leading eCommerce store, we are committed to bringing innovations to the online shopping experience. By integrating Litecoin, we will enable shoppers to experience a very smooth checkout experience with near instant transaction confirmation, and near-zero fees regardless of where in the world they are.”
Reuters was one of those that published a report about Walmart and Litecoin’s alleged partnership but it immediately edited the story and made corrections after the retail giant issued a statement about the false information.
It was said that the bogus press release was also linked to a website that is not operational. Moreover, there was no proof of filing at the Securities and Exchange Commission regarding the team-up between Walmart and Litecoin so there is really no business connection between the two firms.
Meanwhile, the hoax press release led to an increase in Litecoin’s price. It was said to have jumped 20% after the firm was linked to Walmart. Other cryptocurrencies’ prices have also gone up but including Litecoin’s, they quickly fell back to their original levels after corrections were made. At this point, it has yet to be pinpointed who is behind the fake press release.