Recently, Charlie Lee sent out a tweet having many users question the reality behind it. In particular, many believed that the CEO of Litecoin (LTC), a strong altcoin, could have possibly been hacked. Turns out, it was all Lee’s attempt in educating the crypto world.
For a limited time only, I am giving away 100 LTC. To get 1 LTC, first send me 0.01 LTC. Hurry up before I run out of coins! See here: https://t.co/uHu3UZ6OQR
— Charlie Lee [LTC] (@SatoshiLite) May 21, 2018
The tweet that he had posted on Twitter, went as follows, “For a limited time only, I am giving away 100 LTC. To get 1 LTC, first send me 0.01 LTC. Hurry up before I run out of coins! [attaches a link]” Users might have possibly fallen for it because of Lee’s position itself. More specifically the fact that Twitter has verified his account. By clicking on that “attached link”, users were then directed to the following:
“No, I am not giving away coins for free. In the future, don’t get fooled by tweets from me [or anything else] saying I will send you coins only if you send me some first. If it sounds too good to be true, it is too good to be true.”
Clearly, Lee has seen the many scams that have been surfacing social media, especially that of Twitter. This was a mere stunt that was created with the intentions of bringing awareness to users, especially those who are crypto fanatics. Not only were scammers able to create a profile on Twitter, they somehow managed to get their accounts verified, as pictures of giant cryptocurrency influencers have been used.
The way in which scammers approached users was by analyzing the commenting section that was heavily invested with crypto news and making announcements there; indicating that coins were being offered for much cheap, even nothing because of accomplished goals. An example of this scam, is that of an account called “Tron Foundation”. This account led to many Tron (TRX) holders to believe that it was a real account that was giving away cryptos.
Charlie Lee is one of many leaders to take the necessary measures to put an end to such scams. More specifically, Vitalik Buterin and CZ, who are the founder of Ethereum and CEO of Binance respectively, made sure that users were told ahead that they were not giving away free coins. They both did so by stating ‘Not giving away ETH’ and ‘Not giving crypto away’ in their accounts name, as a way for others to tell the difference between the fake and the real. Lee and Buterin also notified CEO of Twitter, Jack, about this concern and have alerted investors as well.
Despite their attempts, scammers are continuing. Users should take Charlie Lee’s example as a cautionary measure to prevent falling for such traps that can lead to losing all holdings possible. Many individuals shared their opinions, some supporting the step Lee has taken, while others, snorting and indicating that such announcements are too good to be true. Nonetheless, it is up to the users to decide whether or not such announcements are reasonable to believe.