Charlie Lee’s Clones Give away Fake LTC in Twitter

Charlie Lee, founder of a cryptocurrency called Litecoin, reported on the large number of fake Twitter accounts that use his name and distribute scam to provide users with fake LTC.

Most of the scammers write from accounts that look similar to Charlie Lee`s original profile – @SatoshiLite. These are, for instance, @SatoshiLitez and @SatoshiLitee. These fake profiles copy the original one completely. Fraudsters, however, offer different number of Litecoins to be destributed –  from 50 to 500 LTC.

Fraudsters probably expected their scum to look trustworthy enough as Lee announced that he had sold and donated all his Litecoins in December, 2017.

The founder of the Ethereum Vitalik Buterin joked in his Twitter:

Currently all fake Twitter-profiles mentioned in the article are still active. Beware and do not let fraudsters get you!

Subscribe on The Coin Shark news in Telegram: https://t.me/thecoinshark

CryptoMining.Farm Scam: 30 Victims Lost $1.34 Million

Thirty people have filed complaints to Thailand’s Technology Crime Suppression Division stating that they were victims of crypto mining scam, they allegedly lost 42 million baht ($1.34 million). The police thinks that the amount of victims can be bigger.

According to the victims’ words, the leaders of the scam convinced them to invest money into CryptoMining.Farm, a blockchain-mining website. One anonymous victim said to the Bangkok Post that one of the leaders promised investor an impossibly high return – 70% a year.

The victims signed contracts when they entered the website, the documents said that a customer may withdraw money at any time he/she wanted without any additional condition. However, the situation has changed since August. The victim stated that:

“From August the owner began imposing conditions for withdrawing the money. Then at the start of this month, the site announced it would start paying back investors in 84 installments which would take over seven years to complete. The payments were supposed to be made in foreign currencies [which] is not permitted by Thai laws.”

After a preliminary investigation, the police is sure that not 30, but 140 people became victims of the scam. Moreover, it can be related to a big scandal which happened in August 2018, when a popular Thai actor and his siblings stole about 797 million baht ($25.5 million).

According to the Bangkok Post, the company has two official offices in Bangkok and Chiang Mai, which may make the victims think that the company’s operations are legal.

Thailand treats digital money with caution and tries to regulate it. The Thai Ministry of Finance even issued a document last year where all the country’s cryptocurrency activities were regulated, including the taxation of participants of crypto market.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Romance Scams: Total Loss Accounts For More Than $143 Million

The Federal Trade Commission (FTC) has recently published a report showing that romance scams are relentlessly gathering momentum. The number of romance scams has increased in 2.5 times, from 8,500 in 2015 to 21,368 last year, overtaking the number of any other type of consumer fraud.

Romance scams data

The data provided below shows that in 2015 the number of reports did not exceed 10,000, and the total loss was estimated at about $33 million. The situation has been worsening since 2016, when the reported loss accounted for $75 million, two times bigger than in 2015. However, the year of 2018 broke all the records when the total loss comprised over $143 million.   

Source: www.ftc.gov

How do scammers lure people?

Romance scammers usually create attractive and convincing personas on the dating sites and apps or social media, like Facebook, for example. They frequently use fake photos and names, but there were cases of assuming the identities of real people. The scammers lure people with their sob stories to convince victims to send them large amounts of money.

Once the romance scammers have people by the heartstrings, they say they need money for medical treatment or for any other quite sad reason. The fraudsters usually explain to victims that they are in the military and stationed abroad, thus, they cannot meet. The report says that most affected are people from 40 to 69, the rate of their losing money to romance scams is higher more than twice in compare to the rate of people in their 20s.

Tips how to not get engaged in a romance scam

  1. Do not send money or anything else to the sweetheart you have never met in person before.
  2. Tell your close friends about your sweetheart. People can become blinded when they are in love, thus, pay attention if your friends or family are concerned.
  3. Do not rush, just take it slowly. Try to ask questions, use a reverse-image search of the profile picture. If something does not match, it is a scam.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Cryptocurrency Prices Today, February 14: Cryptocurrency Did Not Catch The Romantic Atmosphere And Began To Fall In Price

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency Rate

According to the Coingecko online platform, Bitcoin (BTC) lost 0.35% over the past 24 hours after a period of growth. The price at the time of writing is $3607 per coin.

Cryptocurrencies have returned to the red zone:

Bitcoin Cash lost 0.6% over the past 24 hours and costs $121 per coin;

Ripple fell by 1% and costs $0.30;

EOS decreased by 4.1% and its price is $2.78;

Litecoin dropped by 3.2% and its value is $41;

Cardano lost 2.5% and its cost is $0.040;

Stellar fell by 1.1% and costs $0.076;

IOTA decreased by 1.6% and its value is $0.26;

Dash lost 1.9% and its price is $78;

Monero dropped by 2.5% and costs $47.

Over the past 24 hours, Ethereum has lost 0.7%. The rate of the coin is $122.

The total market capitalization fell to $120 billion. Bitcoin accounts for 52.5% of the total. In monetary terms, it is $63 billion.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Cryptocurrency Prices Today, February 13: Cryptocurrencies Are Showing an Upward Trend

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) added 0.4% over the past 24 hours after a period of growth. The price at the time of writing is $3620 per coin.

Cryptocurrencies once again moved to the green zone:

Bitcoin Cash added 0.57% over the past 24 hours and costs $121 per coin;

Ripple grew by 1.96% and costs $0.30;

EOS gained 5.78%, and its price is $2.92;

Litecoin lost 1.48%, and its value is $42;

Cardano increased by 1.31%, and its cost $0.041;

Stellar added 0.2% and costs $0.076;

IOTA grew by 3%, and its value is $0.27;

Dash remains stable, and its price is $82;

Monero gained 2.51% and costs $49.

Over the past 24 hours, Ethereum added 2.37%. The exchange rate of the coin is $123.

The total market capitalization is $121 billion. Bitcoin accounts for 52.6% of the total volume. In monetary terms, it is $63 billion.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

H&M Distributors Now Accepts Cryptocurrency Payments

More and more retailers are coming to the cryptospace, since the price of Bitcoin has stabilized for a period of time. American wholesaler H&M Distributors, a company dealing with lap holders, replacement ballasts, and accessories, will allow customers to pay with cryptocurrency. The payments will be conducted with the help of an e-commerce platform Champion.

Crypto became mainstream in 2018

The year of 2018 has brought cryptocurrency into mainstream especially when the market cap approached at $830 billion on January 7. Let us remind you some memorable moments of accepting crypto.

Cryptocurrency is the best alternative to traditional fiat currency, it is very viable to use as payment for cross border transactions as well. Cryptocurrencies truly allow for a universal and global system of finance that connects people across border payments.

Unfortunately, after massive downturn in market cap, people paused accepting crypto, yet, now it is high time to resume the tendency.

Details of possible payments

According to the press release, H&M distributors will accept payments in Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dash (DASH) and Bitcoin Diamond (BCD).

From now on, retailers will be able to complete the transaction in seconds without paying commission. It will reduce or “eliminate currency conversion fees” that have to be paid when using traditional payment processors, as the result, the customers will save more money.

Furthermore, the US-based distributor wants “freedom from chargebacks” – which can occur when using more conventional banking services. The giant distributor thinks that cryptocurrency payment systems  “match the functionality of traditional fiat currency” and they go beyond traditional transaction processors in terms of “efficiency, accessibility, and security.”

The CEO and founder of H&M Distributors, Herb Needham, stated that:

“After more than 20 years in the business, we consider ourselves experts in specialty lighting. Accepting cryptocurrency payments allows us to share that expertise with even more clients by removing many of the barriers that made it difficult to sell internationally before. What sold us was the settlement system, which allows us to convert crypto payments to a USD equivalent right away.”

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Where is it Better to Buy Litecoin and What Wallet to Choose?

Litecoin is one of the “eldest” cryptocurrencies. It has been in the top 10 on the coinmarketcap site for a long period of time. Now the project occupies the 4th place, with a total capitalization of just over $2 billion. If Bitcoin is often compared to gold, then Litecoin is considered silver in the cryptocurrency world. Buying this coin is a relatively stable investment, which can bring good profit in the future. In this article, we will talk about how to get Litecoin and what wallet is better to choose.

1. How to choose a Litecoin wallet?

Initially, in order to become the owner of this cryptocurrency, it is necessary to acquire a wallet that supports LTC. There are few variants for storing Litecoin. Let’s take a closer look at each of them:

  • Online wallets are the most convenient in use, but unfortunately, this method is the most unsafe. The fact is that private keys to wallets are on the servers of companies. Potentially, they can be subject to hacker attacks. This may lead to a total or partial loss of assets. For this reason, it is better not to keep all your savings in online wallets. A short list of popular services that support LTC (Cryptonator, LiteVault, block.io, Rahakott etc)
  • Software wallets are intended for installation on desktops or laptops. There are two types – “heavy” and “light”. To install the former, you need a lot of free disk space (hundreds of gigabytes), since the clients of “heavy” software wallets contain the entire blockchain network database. These wallets are fairly secure; one of the most popular full-length official wallets for Litecoin is Litecoin Core. “Light” wallets do not require downloading the entire blockchain, they are more convenient to use but less secure. List of lightweight wallets (Electrum LTC, Exodus etc)
  • Mobile wallets are applications for smartphones and tablets. One of the most popular LTC storage applications on the Android operating system is LoafWallet. If we talk about multiplatform solutions, then these are Coinomi and JAXX.
  • Hardware wallet is an upgraded USB flash drive, which has an auxiliary protective mechanism built into it. They can be made manually, but here is a list of ready-made solutions: Ledger Nano S, Trezor, KeepKey.
  • Paper wallets are one of the most reliable ways to store cryptocurrency. This option is suitable for long-term storage, as using coins on a daily basis through a paper wallet is not very convenient. You can generate a new wallet for LTC at https://liteaddress.org.

2. Online exchanges

According to most users, the best place to buy Litecoin is online exchange. Before making an exchange in any service, it is necessary to make sure that it is working and secure. The fact is that there is a huge number of fraudulent services on the Internet, which either exchange at a very low rate, or do not pay a penny at all. For this reason, it is necessary to be very careful and attentive. Here is a small list of honest and good services that have been operating for years now:

AlfaCashier. This exchange supports a huge amount of different coins and fiat. For example, here it is possible to buy Litecoin with cash Perfect Money, MoneyPolo etc.

Indacoin  – is it very popular online exchange that works in many countries of the world. The main advantage of this service is the ability to acquire LTC or any other cryptocurrency using a credit or debit card Visa/MasterCard.

Large exchanges have physical places where it is possible to buy almost any popular cryptocurrency for cash. But unfortunately, these kind of services are not numerous, and they are concentrated mainly in large cities.

3. LTC purchasing on the stock exchange

Many more advanced users know the answer to the question “Where can I buy Litecoin profitable with minimal cost?” – on cryptocurrency exchanges. These sites are first of all intended for trading cryptocurrency assets, but if you are not going to engage in trading, but want to buy cryptocurrency at the most favorable rate that changes in real time, you still need to register at one of these sites:

Livecoin – a convenient small exchange that has minimal commissions, does not have a minimum deposit amount and works with Fiat.

EXMO – a large choice of languages, moderate commissions and the ability to replenish your account with fiat currencies make this exchange a very convenient tool for purchasing digital coins.

HitBTC – has a friendly interface, low commissions, and also supports USD.

4. Other methods to acquire LTC

It is possible to buy Litecoin through direct transfer of funds to a person who wants to sell his coins. The advantage of this method is that you do not need to pay commissions to intermediaries, to register at various services, etc. But in this case, there is a possibility that the second participant in the transaction may turn out to be a fraud and you can say goodbye to all your money. There are various forums for searching for direct sellers and buyers of cryptocurrency, but they should be used only at your own risk.

5. Conclusion

Many people mistakenly think that it is possible to buy Litecoin stock as simple as Apple, Tesla, Microsoft, etc. But it should be understood that Litecoin is not a company that represents the stock market, it does not have stocks, it is a cryptocurrency project that has its own coins, which can be easily purchased using online or offline exchanges, cryptocurrency exchanges, directly from another person, etc. Many beginners are interested in an important question: “When to buy Litecoin?”. Unfortunately, there is no exact answer to this question. Nobody knows when the best time for purchasing comes. The main things to know about investments in LTС or any other cryptocurrency:

  • don’t invest your last money;
  • don’t buy cryptocurrency for a short term;
  • forget about this money and be morally ready to say goodbye to it.

Only in this case, you will be able to calmly experience the huge volatility and wait for the next growth.

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/