Walmart investigates the publication of a fake press release on its partnership with Litecoin
Following the fake news of its partnership with Litecoin, Walmart Inc. says it is investigating how the fraudulent press release was issued. The Litecoin Foundation and Charlie Lee are also investigating the matter. In addition, Globenewswire said it would also work with authorities "to request - and facilitate - a full investigation, including any criminal activity associated with this case ".
Walmart responds to fake news of its Litecoin partnership
The retail giant issued a press release in response to the fake news of its partnership with Litecoin on Monday. “Walmart was the subject of a fake press release issued on Monday, September 13, which falsely stated that Walmart had announced a partnership with Litecoin ( LTC ) ", the company wrote, adding:
The door- Walmart spokesman Randy Hargrove told CNBC that the retailer had contacted the news company to investigate how the bogus press release was issued.
Globenewswire has withdrawn t forged a press release Monday night and posted a "notice of non-compliance" through his service. The company also said it has implemented improved authentication steps to prevent a similar incident from happening again in the future.
The press release distribution company said :
Numerous major news outlets broadcast the false story, including Reuters and CNBC. This resulted in an instant surge in the price of Litecoin ( LTC ). However, the gains werequickly wiped out when Walmart denied the news.
Meanwhile, the Litecoin Foundation, a nonprofit that promotes cryptocurrency, released a statement on the matter. The foundation is headed by litecoin creator Charlie Lee, who is the managing director.
"We have no information on the origin of this idea or the press release" The foundation wrote, confirming that it "has not entered into a partnership with Walmart of any kind. " He further noted that the press release quotes were not from Lee.
Lee told Reuters in an email that the hoax was the subject of investigation but little progress had been made.The creator of Litecoin added that he currently only has five pieces of data LTC and had little incentive to publish himself- even the fake ad.
He also commented on Litecoin's verified Twitter account (@litecoin) sharing the fake ad. The t weet has been deletedhours after Walmart denied the news. Lee admitted:
Who do you think is behind this fake Walmart -Litecoin partnership news? Let us know in the comments section below.