Free Litecoin for no work? It's too good to be true!

By Seumiseu | Smithy's blog | 25 May 2020


 

Backstory...

A while ago when I first got into Crypto, I was scouring ways to earn as much as I could, and as a student I couldn't really put much money into anything at the time. I came across this website which was offering free cloud mining in return for nothing at all! This sounded firstly like a pipe dream, but secondly sounded like something that could be abused. Why pay for the upgrades the website offers when you could just create multiple LTC wallets and sign up?

And so I did! I thought "what is there to lose", there was everything to gain!

After waiting for quite a while, I finally reached they payout, and surprise surprise, there were no funds sent to my wallet. I tried this on different wallets at different occasions and alas, the dream bubble burst (just like Bitcoin will one day - that's a joke by the way)

 

To this day, this video holds relevancy (originally published in 2017), this service still exists on the internet, and as crypto becomes closer to mass adoption, more people become lurred in like I was as a newbie. The owners change their domain every so often however one thing remains true, they lure you in with a promise of more Litecoin in order for you to part ways with your LTC. I am constantly inundated with "it really works" and "I got my payout" followed by referral links from what I could only hope are bots but are most likely users falling susceptible to the scam.

There are of course payments reported on the website however many have reported these are all falsely generated, and though this video was made a long time ago when I was new to crypto, upon inspection today, you'll see these addresses all have 0 LTC in their account in such a short space of time and exploring the rabbit hole of transactions of addresses return the same addresses throughout, cleverly masked but each address' funds were sent to from x address also received funds from LTCMiner's address and this loop goes on and on. Almost as if they get sent round and round ultimately creating more fake payouts. I am not going to sift through and find that part out though, but I will say, how many people spend LTC or send it elsewhere once withdrawn to a wallet? Surely at least one of those addresses would keep their LTC in their wallet. Unless someone has figured both actually getting paid whilst also abusing the service? I highly doubt.

For the record, I do add those accounts to a spam filter as of course, I do not endorse any correspondence with such a service.

 

If you found this inciteful and useful, i'd appreciate any LTC donations below:

ltc1q68hw5fgdzxv70yxsftqdq2a7mlf7serws9l5pt

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Seumiseu
Seumiseu

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Smithy's blog
Smithy's blog

Ay up, I write things here to do with Crypto and other stuff maybe but i'm not sure. One thing for certain is there will be lots of words.

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