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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 false statement released on Monday, September 13, which falsely stated that Walmart had announced a partnership with Litecoin (LTC),” the company wrote, adding:
Walmart was not aware of the press release issued by Globenewswire, and it is incorrect. Walmart has no relationship with Litecoin.
Walmart spokesman Randy Hargrove told CNBC the retailer had contacted the wire company to investigate how the fake press release was issued.
Globenewswire withdrew the bogus press release Monday night and posted a “notice of non-compliance” through its 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:
We will work with the appropriate authorities to request – and facilitate – a full investigation, including any criminal activity associated with this case.
Many major news organizations broadcast the false story, including Reuters and CNBC. This led to an instant surge in the price of Litecoin (LTC). However, the gains were quickly wiped out when Walmart denied the news.
Meanwhile, the Litecoin Foundation, a nonprofit organization 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 any partnership with Walmart of any kind.” He further noted that the quotes in the press release were not from Lee.
Lee told Reuters in an email that the hoax was being investigated but little progress had been made. The creator of Litecoin added that he currently only has five LTCs and has little incentive to publish the fake announcement himself.
He also commented on Litecoin’s verified Twitter account (@litecoin) sharing the fake ad. The tweet was deleted hours after Walmart denied the news. Lee admitted:
It was our mistake to retweet using @litecoin. We will make sure we have tighter controls over our social media accounts so that something like this does not happen again.
Who do you think is behind this fake news of the Walmart-Litecoin partnership? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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