Charlie Lee warns of fraud risks from Litecoin Cash

Decentralization has become a common phenomenon in the cryptocurrency community. Bitcoin is a good example for that. While they may be confusing for those new to the market, there’s no denying that the split version is part of the original version. Yes, exactly in most cases that is true; but Litecoin Cash – an upcoming split of Litecoin is not so.

Charlie Lee [LTC

] @SatoshiLite

PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it’s related to Litecoin. Don’t fall for it and definitely don’t enter your private keys or seed into their website or client. Be careful out there! https://twitter.com/SatoshiLite/status/958170338621145089 …Charlie Lee [LTC

] @SatoshiLiteReplying to @SatoshiLite

Since on the topic of scams, any fork of Litecoin, calling itself Litecoin something or other, is a scam IMO. Litecoin Cash, Litecoin Plus, Litecoin *… all scams trying to confuse users into thinking they are Litecoin.

This also applies to all Bitcoin forks trying to confuse.3,56212:06 AM – Feb 5, 2018Twitter Ads info and privacy1,866 people are talking about this

Charlie Lee – the “father” of Litecoin is actively warning the community not to trust or invest in Litecoin Cash. This split version has absolutely nothing to do with the original Litecoin and only uses the name prefix to take advantage of the trust, or maybe even a scam.

Charlie Lee [LTC

] @SatoshiLite · Jan 30, 2018Replying to @SatoshiLite

These scammers have also started to block me before they reply to my posts. So I don’t even see their posts. Twitter needs to do some machine learning to hide these scam and spam posts. It’s really getting out of hand.

And those “join pump group” posts. People this gullible? 

Charlie Lee [LTC

] @SatoshiLite

Since on the topic of scams, any fork of Litecoin, calling itself Litecoin something or other, is a scam IMO. Litecoin Cash, Litecoin Plus, Litecoin *… all scams trying to confuse users into thinking they are Litecoin.

This also applies to all Bitcoin forks trying to confuse.1,9449:49 AM – Jan 30, 2018Twitter Ads info and privacy718 people are talking about this

One of the main problems with cryptocurrencies is that at this point anyone can create a coin of their own and cheat by claiming it is something useful. This is why governments are trying to build regulations to prevent possible risks.

The purpose of this altcoin is to increase the block rate in the network to be able to process more transactions. The creator of Litecoin Cash believes that the target block time is 2.5 minutes, faster than LTC and the transaction fee is 90% lower.

The split will take place at block 1371111, around February 19, but Charlie Lee and his Litecoin team say that has nothing to do with them.

One of the community attractions is that all users will receive free coins. This is how Litecoin Cash founders took advantage of the support; They claim everyone will get 10 Litecoin Cash free of charge when holding each Litecoin. This appeals to those who want to make a quick profit with Litecoin, which is a 15% increase in Litecoin in the last 24 hours after a month in a downtrend.

One disadvantage is that to get Litecoin Cash for free, you need to enter the private key of the Litecoin wallet into the Litecoin Cash wallet. Which can lead to the risk of property theft and it is recommended not to try to do so. In addition, the Litecoin Cash team does not offer a safe option to receive free coins or build an exchange ecosystem that supports it.

To explain the name Litecoin Cash, they wrote the following:

We are using the name Litecoin Cash simply because it has become familiar in recent months for a coin that diverges from a prefix blockchain taking the name of the split coin. This implicitly becomes conventional and widely understood. We do not engage in or associate with Charlie Lee or any other Litecoin group in any way; We are just big fans.

As we have seen before in the Bitcoin community, a split is not merely a chain split; Even the founders or supporters will be divided. So beware of the risks of fraud in this ecosystem in the absence of technical knowledge.