Charlie Lee: Litecoin Cash is a fraud

Litecoin Cash, a supposed hard fork of the cryptocurrency which once was the third most capitalized after Bitcoin and Ethereum and still relatively popular on the market, is a fraud, warns Charlie Lee, creator and leader of Litecoin development team. He also reminds that entering passwords anywhere you want is not a good idea:

PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there! https://t.co/qXbiIxp5Al

— Charlie Lee [LTC] (@SatoshiLite) February 4, 2018

As noted by the observers, the token of Litecoin Cash is backed by nothing. The reason for this categorical notion is that this token does not even share the blockchain structure with the real Litecoin and based on Ethereum instead. This leads to believe that the authors of this scam were clearly not taking technically educated people into consideration when creating it.

This buffoonish scam reminds of another goofy enterprise created by a teenager from South Korea - Bitcoin Platinum. That fraud created in December last year claimed to be a good hard fork of Bitcoin, but no technical properties have ever been provided, instead the fraudster filled the project’s GitHub with poorly-written promotional materials.

Litecoin itself has fallen from $300 to current $158 since the beginning of this year, but there is nothing anomalous in this behavior in comparison to other cryptocurrencies: the whole market has shrinked in price.