Walmart says the crypto payment ad is bogus. Litecoin falls after peak

  Walmart says the crypto payment ad is bogus.  Litecoin falls after peak

Customers shop at a Walmart store on August 4, 2021 in Houston, Texas.

Brandon Bell | Getty Images

The Litecoin cryptocurrency lost a 20% gain after a fake press release sent by Globenewswire referred to a partnership with Walmart.

A Walmart spokesperson confirmed that the press release is not genuine. According to Coin Metrics, Litecoin was trading down 2% last time around.

Several media outlets, including CNBC, made headlines for the announcement. There has been little movement on this in Walmart stocks.

An email from one of the contacts listed in the ad referred to a non-functioning website, raising suspicion.

Walmart, the largest retailer in the United States, will accept cryptocurrency for payment from buyers using Litecoin, according to the press release. The version was never listed on the official Walmart website.

This is a developing story. Check back for updates.

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