Fake Walmart News Release Spurs Spike in Little-Used Cryptocurrency Litecoin

The price of litecoin, a little-used cryptocurrency, spiked in early trading Monday before falling back, after a news release touting a partnership with giant retailer Walmart Inc. turned out to be fake.

Litecoin traded as high as $231, up 30{ffaccff6b5e07cc1f8fb65d0cd045bc540f1c3f8348a05c16905532f0496f447}, after the issuance of the release via GlobeNewswire at 9:30 a.m. ET. The cryptocurrency quickly fell after Walmart said the news release was fraudulent.

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