Walmart Denies Crypto Payment Partnership With Litecoin

Published September 14th, 2021 - 08:00 GMT
Walmart Denies Crypto Payment Partnership With Litecoin
Soon after the news was reported as fact, Litecoin's price surged 25% briefly but went down quickly when the partnership was announced fake. (Shutterstock)
Highlights
To make things worse, Litecoin Foundation retweeted the fake press release before discovering it was not true. Other major news outlets also published the news.

Walmart, the American retailer that operates a chain of supermarkets, has denied the fake press release published by GlobeNewswire that cited a partnership with Litecoin.

What Exactly Happened?

Yesterday, a press release was uploaded and published on GlobeNewswire, a press-release distributor, by a fraudulent user account referencing a partnership between Walmart and LTC to facilitate crypto payments in all Walmarts digital stores.

Litecoin in Walmart

Walmart retailer store cash register check out lanes, paying customers - Saugus, Massachusetts USA - February 5, 2018 (Shutterstock)

To make things worse, Litecoin Foundation retweeted the fake press release before discovering it was not true. Other major news outlets also published the news.

Later on, the Foundation's official account tweeted that no such agreement with the giant retailer, nor partnership ever existed.

The fabricated press release was removed from the GlobeNewswire website and other websites.

Until the time of writing, there are still no details about the scammers who uploaded the false press. However, BBC reported that the press contact email address is linked to a web domain that dates back a month ago.

What is Litecoin?

Litecoin is an altcoin founded in 2011 by a former Google engineer named Charlie Lee two years after bitcoin.

People consider it a bitcoin spinoff beacuse it's almost identical to the first digital cryptocurrency in technical terms as it is also a peer-to-peer internet currency that enables instant, near-zero cost payments to anyone in the world.

Litecoin

Source: Coinmarketcap

Soon after the news was reported as fact, LTC's price surged 25% briefly but went down quickly when the partnership was announced fake. LTC is trading now at $178.99.


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