Litecoin has enjoyed its success on the ladder recently. It climbed to top 5 and is maintaining a strong position there. However, some scams are going around Litecoin, and the Litecoin creator, himself, came forward and mentioned that Litecoin cash is a scam.
Litecoin is currently sitting at $207 and has gained 30% in the last 24 hours. Its unprecedented growth might be because of the positive news surrounding the cryptocurrency.
To ensure that no confusion stays with the Litecoin investors and followers, Charlie Lee tweeted the following.
“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!”
He further added,
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.
Litecoin Cash is marketing itself as the faster Litecoin, and currently, there is no owner for the project. The warning comes on time because “Litecoin” can be used in other projects without any required permission.
The recent surge in the price of Litecoin can be seen because of the announcement of the Litecoin payment infrastructure. LitePay will enable businesses to easily accept Litecoin as a payment method. Litecoin VISA debit card will also be released, making Litecoin more mainstream. The fees seem to be low compared to other credit card payment systems which have a 3% transaction fees compared to 1% for LitePay.
The new changes are making things interesting for Litecoin. However, the Litecoin investors and users should be vigilant and stay away from scams.