A fake press release on Global Newswire claimed that Walmart had made a partnership with the Litecoin foundation and that the supermarket chain would begin accepting Litecoin payments at its locations.
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This was followed by a tweet sharing the press release from the verified Litecoin account on Twitter. The account then deleted the tweet moments later.
The price of Litecoin then soared as much as 26% as the news spread across social media. It then fell sharply down within its previous range.
The press release was revealed to be fake when some Twitter users realized that the email domain used by the account that created the release was registered just last month and led to no official website.
The press release was relatively elaborate and structured how any press release would be. It even included fake quotes from Walmart's CEO, Doug McMillion, claiming that the store was "committed to bringing innovations to the online shopping experience."
Walmart has since told Bloomberg that the release was, indeed, a fake.
This story is developing.