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No, Walmart will not be accepting Litecoin. Here's how people were duped.

Mashable 13 Sep 2021 04:28

What a way to kick off your week if you're a cryptocurrency supporter.

Reports quickly spread on Monday morning claiming that Walmart, one of the biggest retailers in the world, was going to start accepting Litecoin, a cryptocurrency, as payment.

The price of Litecoin quickly spiked. Crypto fans were overjoyed. Mainstream media outlets like CNBC and Reuters shared the news. Even the @Litecoin Twitter account tweeted it out.

The price of Litecoin spiked from around $170 before the press release was distributed to more than $230 in a matter of minutes.

A screenshot showing Litecoin's value when the fake story broke, as seen on the cryptocurrency exchange Coinbase.
A screenshot showing Litecoin's value when the fake story broke, as seen on the cryptocurrency exchange Coinbase. Credit: Screenshot: Mashable

Everything seemed legit...except it wasn't.

Walmart will not be accepting Litecoin. The report was fake.

So, what happened?

On the morning of Sept. 13, a press release was distributed online via GlobeNewswire, a legitimate press release distribution service with the headline "Walmart Announces Major Partnership With Litecoin (LTC)."

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WalmartLitecoinLitecoinGlobeNewswireTwitter
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