Charlie Lee calls Litecoin Cash a scam

Lee states that the Litecoin Cash fork scheduled for February 19 at block 1371111 has nothing to do with the Litecoin team and its developments

Forks are becoming commonplace for cryptocurrencies. Bitcoin has recently had more of them than forks in an Italian restaurant. This situation can create confusion and confusion in understanding what has appeared on the scene. What, in fact, could it be: another version of the original blockchain or a cryptocurrency token?

So the creators of Litecoin itself have questions about the announcement of a new fork - Litecoin Cash. Litecoin founder Charlie Lee actively encourages users not to trust or invest in Litecoin Cash. He states that the new version has nothing to do with the original LTC, just its name is used to arouse interest among people, thereby deceiving them.

Charlie Lee posted the following message on his Twitter page:

“Neither the Litecoin team nor I are working on creating a fork. Any forks you hear about are scams trying to confuse you and make you think they are connected to Litecoin. Do not give in to them and under no circumstances enter your personal keys or private information on the websites of these services. Be careful! 

The developers of Litecoin Cash claim that their fork will have a number of advantages over LTC: an increase in transaction speed up to 2.5 minutes and a 90% reduction in commission fees compared to Litecoin. Although, judging by the fact that the new processing service LitePay is preparing to launch, the Litecoin team is working quite successfully in this direction.

And, of course, receiving free coins when splitting a branch. The founders of Litecoin Cash are offering ten times the amount of LCC tokens for each user in Litecoin. 

However, there is a catch. To receive free LCC altcoins, your Litecoin wallet's private key must be imported into a new Litecoin Cash wallet. Naturally, this is a big risk and you shouldn’t even try to do it. In addition, the LCC team has not provided a safe option for receiving such coins and it is unknown which exchanges will support it.

The Litecoin Cash development team explains the choice of name for their product as follows:

“We use the name Litecoin Cash simply because it is customary to add to the name the coin from which the fork occurs. We are not affiliated with Charlie Lee or anyone on the Litecoin team. We are just big fans of them.”

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According to bitcoinist.com