Walmart and crypto investors were hit with fake news on Monday.
A press release, distributed by GlobeNewswire, touted the retail giant's alledged new payment option with Litecoin that turned out to be fake, according to Walmart.
The release has since been deleted.
Ticker Security Last Change Change % WMT WALMART, INC. 144.93 -0.93 -0.64%
Inquiries by FOX Business to GlobeNewswire and the Litecoin Foundation were not immediately returned.
The price of Litecoin popped as high as $233.44 per coin Monday before turning lower on confirmation of the erroneous news.
Litecoin, released in 2011, is one of the oldest digital currencies in the cryptocurrency ecosystem which shares many similarities to Bitcoin, such as using the same code.
However, Litecoin is a cheaper and faster alternative that can generate mining blocks up to four times faster than the world's largest cryptocurrency.