• Someone impersonates Litecoin Foundation to scam people out of money.
  • The scammers used the old Twitter scheme with free giveaway.

Litecoin Foundation warned users about scammers who launched a fake giveaway in the name of the official Litecoin team.

David Schwartz from Litecoin Foundation said that the YouTube channel that offers a free giveaway of 100,000 LTC was a scam, These people are nor associated with Litecoin Foundation, and they try to trick users out of their cryptocurrency.

There is a fake Litecoin Foundation youtube channel scamming people out of their LTC as we speak. DO NOT believe the channel and what it is offering! This is NOT the official Foundation youtube channel.

To make the channel look real, scammers downloaded several videos from  Litecoin Summit 2019. In the description to the clips, they announced that they would give away 100,000 coins worth of about $4 million. Users should transfer from 10 to 1000 LTC to several wallets, to get the remuneration ten times as big as their donation. This scheme has been widely popular on Twitter.

By the time of writing, about 6,000 people viewed the videos with a fake giveaway. 

According to Litecoin Block explorer, the cryptocurrency wallets provided by the scammers received 10 and 300 LTC in recent 24 hours.

The country of the channel is the USA; however, the owners of the account are supposedly of Russian origin as the channel description contains a quote from  Alice in Wonderland in Russian in the channel description. 

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