Fake news: Litecoin price surges 35% following Walmart adoption hoax

The price of (LTC) rose to more than $237 earlier on Monday following erroneous reports from major news outlets that United States retailer Walmart (NYSE:) would be introducing a payment option for the cryptocurrency on all of its e-commerce websites.

CNBC, Reuters, Decrypt and others reported on Monday that Walmart planned to have a “Pay with Litecoin Option” for its retail websites starting on Oct. 1 as part of a partnership with the Litecoin Foundation, the organization financing and promoting adoption of the Litecoin ecosystem. The reports seemed to spawn from a single press release through distribution service GlobeNewsWire. The release claimed that Walmart chose to adopt LTC for payments based on its “cheaper and faster” features and the token having “no central authority.”