A fake Litecoin Foundation scam has defrauded 309 LTC worth $12,505 from users.

There is a fake Litecoin Foundation YouTube channel scamming people out of their LTC coins. Recently, it has defrauded an amount of $12,505 worth 309 LTC from users.

This fake Litecoin foundation YouTube channel was promoting a giveaway program through a video. They show the video as it is real and legal. But actually, it features the actual Litecoin summit from 2019.

They have asked to distribute an amount of 100,000 LTC in the giveaway program in order to celebrate the global power of coinbase and Litecoin. For this purpose, users are required to send around 10 – 1000 LTC in order to get a reward in the giveaway program.

A Twitter user exposes the Scam

This Fake Litecoin Foundation has been exposed on Twitter by a Twitter user named David Schwartz (@DaddyCool1991). He warned people by saying “ATTENTION” and then said that there is a fake LTC foundation YouTube channel that is scamming people out of their LTC.

He asked the users not to believe this fake channel and anything that it offers is fake and that this is not the official YouTube channel.

**ATTENTION** There is a fake Litecoin Foundation youtube channel scamming people out of their #LTC as we speak. DO NOT believe the channel and what it is offering! This is NOT the official Foundation youtube channel. Thanks @naomibrockwellhttps://t.co/4Wb0fY4kLv — David Schwartz (aka – Dasch) (@DaddyCool1991) December 23, 2019

Be Aware of Fake Crypto Giveaway Programs

There are a lot of scams running in the crypto industry and are defrauding the users. So users should be aware of these fake crypto giveaway programs.

Users usually fall for the scam. They send the money to the scammer address with the hope that they will be got rewarded. This particular fake Litecoin foundation channel did the same work. They made their fake channel so much effective that users fell for it and lost their money. Such fake schemes have been in the crypto industry since its beginning.

Scams were expected to earn around $4.3 Billion from crypto users, crypto exchanges, and other entities throughout this year 2019.