Walmart says looking into fake press release on litecoin tie-up

FILE PHOTO: A Walmart sign is seen inside its department store in West Haven, Connecticut, U.S., February 17, 2021. REUTERS/Mike Segar/File Photo

(Reuters) -Walmart Inc said on Monday it was looking into how a fake press statement announcing a partnership with litecoin, which briefly led to near 30% gains in the cryptocurrency, was issued by news release distributor GlobeNewswire.

The fake press release touting the acceptance of litecoin as online payment by the world's largest retailer led to a sudden spike in its prices, but the gains faded quickly after Walmart issued a statement saying the press release was fraudulent.