The Crypto ecosystem is growing at a fast pace and we can see many innovations coming through. Be if Defi (decentralized finance), NFT, Stake and Earn, Play to earn, crypto loan and credit cards, etc and there is a lot which we can see incoming month and years. All this is happening because more people are getting onboarded and with new people, more new ideas are creating something interesting within the crypto space. We also have to agree that when things are going good then we can have some bad apples in place these people try to scam people to make easy money and crypto is not an exception. We have seen many scams before and surely we will many in the future but one thing that is very important is to stay vigilant and do not fall in the trap. If we get trapped then it can make us lose money and losing money is never a good experience.
The recent litecoin scam is one of the scenarios that we have seen. We know that in the crypto market news plays an important role but we also need to ensure authenticity however in this case something different happened. Basically, there was news that Wallmart is going to accept Litecoin and because of this new Litecoin price was pumped more than 33% within a minute. There was a tweet circulated by the Litecoin Twitter handle saying that Litecoin has partnered with Wallmart but it was fake news however because of this LItecoin price pumped.
Later Litecoin posted a tweet confirming that it was a fake news and founder Charlie Lee will be live on Bloomberg
Litecoin price was moved from $178 to $237 and after the fake news confirmation, it again went back to its previous state. It was surprising because this tweet was shared by Litecoin Twitter handle but now this tweet is not available so probably they deleted it, however, it raises the question that how come Litecoin account shared this tweet.
Such things might happen again but we should not rely on such things immediately and need to wait for some time however people try to enter asap and make quick money and this also leads to bigger losses sometimes. I remember in the beginning of this year there was news that XRP price will be pumped and people started buying the coin but it was not pumped the way it was shared however people who were behind it must have made the money.
Crypto is not the only segment where we such scam activities and its everywhere but one thing is common that we need to be careful and try not to fall in the trap. I belive that there is no shortcut to easy money and we must follow our fundamentals with trading and holding. When something sees abnormal then its better to wait for some time and there is a high possibility that things will get cleared and then we can plan things accordingly.
This way its possible that we might not make a bigger profit but for sure we will be able to save our money which is not less than any profit. Litecoin is a leading coin and has a pretty good market cap but its not accepted if their official Twitter handle gets involved in such scam activity because it leads people to lose money and people will stop replying.
Although I never invested with Litecoin and I generally don't buy in hurry but I feel bad for the people who have lost their money just because of this fake news and hope that they get the chance to recover their losses.
Thank you so much