Fake News: Litecoin Foundation Says No Deal With Walmart

The Litecoin Foundation issued a statement Monday afternoon shooting down claims that it had entered into an arrangement with Walmart.

The statement reads that they have no information as to where this idea or the release to the press originated.  They explain further that a fake press release was sent out across the Web Monday morning.

Walmart had earlier disputed the claims.

The news resulted in a 20% spike in the price of Litecoin followed by a dramatic tumble.

A number of media organizations including CNBC sent headlines on the announcement. Shares of Walmart had little movement on it. Litecoin last traded 2.2% down, according to Coin Metrics.

- Aaron Goldstein, Gambling911.com