Scammers are aware that cryptocurrencies are growing in popularity. That is why they have devised many Bitcoin-centered scams in recent times. OnlineLTC has taken crypto scams to new frontiers as we shall see in this post.
Crypto scammers are aware that the scrutiny on BTC scams is getting even more intense. This is why other cryptocurrencies are coming into the picture.
More Coins for Crypto Scams
These days, we encounter scams that are based on other popular coins such as Ethereum and Bitcoin Cash. It is not surprising that the scams have morphed to include Litecoin which has been among the top 10 coins according to market capitalization.
One reason why you should be skeptical about crypto investments is that many were initiated by people who do not believe in honest work.
Since time immemorial, there have been men (and women) who believe that the best way to make a living is by stealing from others through false pretenses or cheating.
The advent of the internet has made it possible for cheats to operate under greater cover as they devise even more sophisticated means such as setting up scam sites such as OnlineLTC.
What is OnlineLTC?
The domain of the project is onlineltc.io. This is a site that claims that it is involved in mining litecoins. Like many sites that claim to be involved in crypto mining, the site created the impression that crypto mining is easy and profitable.
They even included the option of free mining in which people could ‘mine’ LTC by just adding their wallet addresses.
The site was set up about 2 months ago according to a Whois search. This means that the operators may still be working hard at getting some deposits.
Crypto is Money
It is obvious even from this that this is a scam because LTC is a cryptocurrency. Digital currencies are money and no one earns, mines or gets it feely. Scammers would have you believe otherwise.
According to Onlineltc, you could earn up to 0.03 litecoin freely. This is just equivalent to saying they’re giving away free money on the site to people for doing nothing.
Leading Litecoin Mining Pool?
This is a usual technique of scammers meant to attract people by making them hopeful of making some earnings. Onlineltc claims to be the leading litecoin mining pool even though no one in crypto circles has ever heard of this pool.
It is common practice for scam mining companies or sites to make spurious claims. The purpose is projection of window picture that they have industry reputation thereby impressing people who are not knowledgeable about the happenings in the industry.
The Free Plan Clause
Even though the operators of OnlineLTC never made it obvious, users of their free plan are asked to buy a paid plan when they accumulate the minimum amount that could be withdrawn.
The free plan is basically not free but a mere bait meant to lure users who think they would get free coins from the website.
A user, OfineX who was on the free plan got a message from the website when he tried making a withdrawal. According to him,
“I have proceeded payout but it says if I don’t buy some mining pack I will have to wait up to 30+ days for payment. I have time I can wait these 30 days.”
This is not a new trick from scammers. You can bet that the 30 days for withdrawal is equivalent to 30 years – the users will never get paid because it is a scam designed to make the scammer feed fat on the hapless.
Should You Upgrade?
There are 3 plans being sold by OnlineLTC. They all promise unrealistic ROI as expected from a scam site. This is the type of site that buying their plan makes you their sucker. Getting anything back would be an uphill task and they would likely ask for more deposits when it is time to make withdrawals.
False Payment BlockCypher
On the site, there is a large list of wallet addresses and transaction IDs. Most of these showed invalid while some are real payments. It is not beyond scam sites to make payment between addresses that belong to the operators of the scams.
The purpose would be to give potential victims the impression that the site actually pays people. They may also pay a few early investors to use them to pass words around that it is a legitimate business.
According to the site,
“This table shows real-time payouts to our customers. Just order Litecoin mining plan and join to successful people who earned money on the top of nowadays technology!”
This is fraudulent. The essence of the sham is to get people make deposits and lose their funds. The site further claims that it would pay 40 percent referral commission if the user buys a plan. 10 percent that it claims it pays ordinarily to its affiliates is meant for people to help entice losers.
This is essentially a scam site. Buying the plans is tantamount to throwing your money away. For a recommended investment, check here.
If you have used this platform, please send in your comments below.