Bitcoin [BTC] and other cryptocurrency scams continue to thrive in the space despite the price plunge. This time around, Charlie Lee, the creator of Litecoin and Managing Director of Litecoin Foundation, has bought this topic up in the space again, on his official social media channel.
Notably, the most common breeding space for these scammers are popular social media channels such as Telegram, Twitter, and Facebook. These scams continue to be one of the leading concerns in the space as it directly aims at the new people in the space.
Earlier last year, the scam took an interesting turn when the scammers hacked verified accounts and started to impersonate well-known influencers including Vitalik Buterin, the co-founder of Ethereum and Changpeng Zhao, CEO of Binance, with the agenda of duping people in the space into giving away cryptocurrencies. This resulted in the two adding that they would not be giving away crypto/ ETH next to their names on their social media handle.
To add on, these scammers managed to draw the attention of Elon Musk, the CEO of Tesla and SpaceX, with Musk remarking that the people behind the scam bots have “mad skill“. The catch with this scam is the scammers’ announce that they would be giving away cryptocurrency and to receive the “giveaway”, people are required to send a certain amount of crypto first to an address.
Charlie Lee said on Twitter:
“There are several fake Litecoin groups scamming people. By default, users can be added to new groups by “everyone”. This should NOT be the default, so new users aren’t silently added to fake groups & exploited by scammers. Or at least show a new group invitation! @durov @telegram”
This is not the first time Lee has raised awareness of these scams. In May 2018, the posted a tweet claiming that he is giving away 100 LTC for a limited amount of time. To get the cryptocurrency, people were first required to send 0.01 LTC to an address, and the details of the address were mentioned on a portal. When clicked on the link, it redirected to a page that displayed:
“No, I am not giving away coins for free. In the future, don’t get fooled by tweets from me [or anything else] saying I will send you coins only if you send me some first. If it sounds too good to be true, it is too good to be true.”
tbx[LTC], a Twitterati said:
“I am in this group warning people to avoid those scams. But greed seems to be bigger than brain…they don’t think twice…”
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