GlobeNewswire Blames Counterfeit Walmart-Litecoin on “Fraudulent User Account”

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GlobeNewswire, the press release distribution service, attributes false report on alleged Walmart-Litecoin partnership to bad actors.

Ticker Security Last modified Modified% WMT WALMART, INC. 145.06 -0.83 -0.57%

“When GlobeNewswire learned this morning that a fraudulent user account had been used to issue an illegitimate press release, we quickly removed the press release and issued a notice of non-compliance. This never happened. previously and we have already put in place enhanced authentication measures to prevent this isolated incident from happening again. We will work with the appropriate authorities to request – and facilitate – a full investigation, including any criminal activity associated with this matter. The company said in a statement provided to FOX Business.

It is not clear whether the Securities and Exchange Commission or any other federal agency is investigating the incident, FOX Business’s inquiries to the SEC were not referred at the time of publication.

On Monday morning, around the time the US stock markets opened, a press release was issued stating that Walmart and Litecoin had reached an agreement on a new payment option. The statement, which has since been deleted, contained a quote from CEO Doug McMillion.

Litecoin price hit $ 233.44 per coin on Monday before dropping on confirmation of the erroneous news.

Walmart, caught off guard, responded with the following statement.

“Walmart was the subject of a false press release issued Monday, September 13, which falsely stated that Walmart had announced a partnership with Litecoin (LTC). Walmart was not aware of the press release issued by GlobeNewswire, and it is incorrect. Walmart has no relation to Litecoin.

GlobeNewswire issued a service-wide advisory confirming that journalists and other readers should disregard the “Walmart Announces Major Partnership with Litecoin (LTC)” press release posted on September 13, 2021 on GlobeNewswire. All other questions should be directed to GlobeNewswire, ”he said.

Lucas Manfredi of FOX Business contributed to this report.

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