---
title: "Hoax Press Release Claims Walmart Will Accept Litecoin, Causing Spike and Then Crash"
description: "Fake Press Release Prices for cryptocurrency litecoin briefly spiked before crashing back down after GlobeNewswire sent out a fake news release that said the crypto would be partnering with Walmart.  The press release boasted that the retail giant would begin accepting litecoin as a form of payment from customers, according to CNBC. Walmart spokesperson Randy […]"
date: "2021-09-13"
modified: "2021-09-13"
authors:
  - name: "Tony Ho Tran"
    link: "https://futurism.com/authors/ttran"
url: "https://futurism.com/the-byte/hoax-walmart-litecoin"
categories:
  - "Blockchain"
  - "Cryptocurrency"
  - "Future Society"
tags:
  - "cryptocurrency"
  - "litecoin"
  - "the digest"
  - "walmart"
---

# Hoax Press Release Claims Walmart Will Accept Litecoin, Causing Spike and Then Crash

![](<https://futurism.com/wp-content/uploads/2021/09/Lite-Mart.jpg>)
*Futurism \<em\>Image: Futurism\</em\>*

## Fake Press Release

Prices for cryptocurrency Litecoin briefly spiked before crashing back down after a fake press release circulated claiming that said the giant retailer Walmart would be accepting the altcoin.

The press release boasted that Walmart would begin accepting Litecoin as a form of payment from customers, [according to *CNBC*](<https://www.cnbc.com/2021/09/13/walmart-to-accept-payments-with-cryptocurrencies-using-litecoin.html>)*.* But Walmart later confirmed that the apparent announcement was fake, adding that the company has contacted the press release distribution service GlobeNewswire to find out how it got posted in the first place.

## A Major Partnership

While the original press release has since been taken down, an [archived version of it](<https://archive.is/8Mofx>) can be found online. It claimed that Walmart would "offer their shoppers \[sic\] to use Litecoin to benefit from the features of cryptocurrency."

The fake release also included alleged quotes from Walmart CEO Doug McMillon and Litecoin creator Charlie Lee.

## Rise and Fall

As the "news" of the partnership hit, the price of Litecoin swiftly climbed roughly 20 percent. However, once it was revealed that the press release was fake, prices plummeted back down to Earth. The crypto is currently back around where it started, [according to *CNBC*](<https://www.cnbc.com/quotes/LTC.CM=>)*.*

The episode could theoretically have been a mistake a la *The New York Times'* "[Fields of Watermelons Found On Mars](<https://futurism.com/new-york-times-watermelons-mars>)" story, but the fake press release seemed too polished for that.

It seems more likely that a bad actor could have distributed the fake press release to momentarily pump prices of Litecoin and then sell them off before the truth came to light. After all, it wouldn’t be the first time [someone tried to manipulate crypto prices](<https://futurism.com/bitcoin-falls-elon-musk-tweet>).

**READ MORE:** [Walmart says crypto payments announcement is fake. Litecoin tumbles after spike](<https://www.cnbc.com/2021/09/13/walmart-to-accept-payments-with-cryptocurrencies-using-litecoin.html>) \[*CNBC*\]

**More on crypto:** [*Elon Musk Adopts Shiba Inu, Causing Cryptocurrency Mayhem*](<https://futurism.com/the-byte/elon-musk-shiba-inu-cryptocurrency-mayhem>)

## Author
Tony Tran is a former reporter for Futurism, and now an editor at the Daily Beast. His work has been seen in Playboy, HuffPost, Narratively, and wherever else fine writing is published. He lives in Chicago where he frequently plans tabletop gaming sessions for his friends.