Litecoin price jumps 20 percent after hoax links the cryptocurrency and Walmart 

In this Photo illustration a Litecoin logo
Litecoin spiked Monday after a false press release claimed Walmart would accept the cryptocurrency | Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images

The Litecoin cryptocurrency saw its price spike by as much as 20 percent on Monday after a fake press release claimed Walmart would begin accepting Litecoin as payment.

The press release posted to GlobeNewswire linked to a non-functioning website, and there was no evidence of any Securities and Exchange Commission filing, which would have been expected since Walmart is publicly traded. Walmart’s official newsroom never included the release, and the company typically uses Business Wire to distribute releases.

Several news outlets published reports based on the hoax press release, and a short time later Litecoin’s price jumped, along with those of other cryptocurrencies, before quickly falling back to the previous levels.

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Author: Kim Lyons