FACT FOCUS: Walmart quashes cryptocurrency partnership claim

Walmart denied any partnership with the digital currency Litecoin after a fake news release briefly tripped up several national news outlets and social media users on Monday

Via AP news wire
Monday 13 September 2021 18:12
Walmart Cryptocurrency Fact Focus
Walmart Cryptocurrency Fact Focus

Walmart denied any partnership with the digital currency Litecoin after a fake news release led to a brief flurry of inaccurate reports from national news outlets and social media users on Monday.

A news release claiming a partnership between Walmart and Litecoin is “not real,” according to Walmart spokesperson Molly Blakeman.

The false announcement was temporarily featured on a major press release wire and in outlets including Reuters CNBC and Yahoo Finance, before being deleted and corrected. It wasn’t immediately clear who created it.

Here's a closer look at the facts.

CLAIM: Walmart on Monday announced a major partnership with the digital currency Litecoin.

THE FACTS: The nation’s largest retailer is not partnering with Litecoin, despite a bogus news release claiming as much, Blakeman told The Associated Press by phone.

The release touted the false headline “Walmart Announces Major Partnership With Litecoin.” It fabricated quotes from Walmart's CEO and the creator of Litecoin to falsely claim Walmart would allow customers to pay with the digital currency starting Oct. 1.

After the release was published, Twitter users pointed out that Walmart hadn't announced the partnership on its own corporate website, nor did the contact email in the release match the company's actual website address.

Though this announcement is fake, Walmart is looking to hire an expert in digital currencies and blockchain, Blakeman said.

The false news release briefly tripped up national news outlets, Twitter users and cryptocurrency buyers. The price of Litecoin jumped from about $175 early Monday to about $233 within seconds of the press release being published. The price fell just as fast a few minutes later.

GlobeNewswire, which briefly featured the release on its site before removing it, did not immediately respond to a request for comment. The company is an Associated Press client that distributes press releases to AP’s network of customers.

Litecoin did not immediately respond to an emailed request for comment.

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