SAN FRANCISCO (KRON) — Walmart said Monday that a fake press release was shared announcing a partnership between the retailer and cryptocurrency Litecoin. Several media outlets reported it as fact before Walmart came out and denounced the claim that customers would be able to make online purchases using the cryptocurrency.
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The press release was shared out on GlobeNewswire, a site that posts news and announcements from companies around the world. People who want to distribute press releases through the site must have an account.
A Walmart spokesperson told CNBC that they are investigating how GlobeNewswire shared the fake news.
Litecoin stock went up 20% for a short time before coming back down once the announcement was confirmed false, CNBC reports.