Fake news: The price of Litecoin has risen by 35% as a result of the Walmart adoption scam.

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“The Litecoin Foundation has yet to form a collaboration with Walmart,” Jay Milla explained.

Litecoin (LTC) surged to more than $237 earlier on Monday, following false allegations from major news outlets that US retailer Walmart would add a cryptocurrency payment option to all of its e-commerce websites.

CNBC, Reuters, Decrypt and others reported on Monday that Walmart planned to have a “Pay with Litecoin Option” for its retail websites starting on Oct. 1 as part of a partnership with the Litecoin Foundation, the organization financing and promoting adoption of the Litecoin ecosystem. The reports seemed to spawn from a single press release through distribution service GlobeNewsWire. The release claimed that Walmart chose to adopt LTC for payments based on its “cheaper and faster” features and the token having “no central authority.”

However, according to CNBC, a Walmart spokesperson confirmed the press release was “not authentic” roughly an hour after the initial report broke. The Litecoin Foundation’s director of marketing, Jay Milla, also told Cointelegraph the announcement did not come from the foundation.

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“The Litecoin Foundation has yet to enter into a partnership with Walmart,” said Milla.

According to Markets Pro data from Cointelegraph, the price of LTC increased by more than 35% immediately following the spread of the phoney article, rising from $175 to a monthly high of more than $237 before plummeting dramatically. At the time of writing, the price of Litecoin is $180.

Walmart, which has a market valuation of more than $406 billion, has previously stated that it is interested in cryptos. In August, the company advertised a job for an expert to establish a digital currency strategy and product roadmap, but it did not clearly state that it would be introducing a way for crypto payments. Furthermore, Walmart has employed blockchain technology in supply chain management, customer marketplaces, and smart appliances.

 

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