Categories: CryptoNews

Has WeMineLTC Pulled Off a Major Mining Pool Exit Scam?

It looks like one of the popular Litecoin mining pools has suddenly shut its doors without prior warning. WeMineLTC Is no longer in operation as of right now, with the website being taken offline and twitter accounts deleted. No one knows for sure what is going on, although it seems the pool may have held on to a fair bit of miners’ money in the process.

WeMineLTC Suddenly Disappears

It is never good to see a mining pool go offline without any reason or prior warning. WeMineLTC, one of the top Litecoin mining pools, is no longer accessible through their front-end for some unknown reason. It also appears miners can no longer connect to the mining pool through their software. This is a very surprising turn of events that leaves many people baffled right now.

One user on Reddit claims how the pool has gone through some user authentication issues as of late. Then again, this is an unconfirmed report, so make if it what you will. We do know the mining pool has shut down the website and social media accounts have been deleted. This latter action raises a lot of questions, to say the least.

What is unclear is whether or not miners have lost funds in the process. One user claims there could be a few thousand LTC still residing in the pool’s wallets. Once again, this has not been officially confirmed at this point. Then again, it is not impossible to think some users will have had funds in their wallet on WeMineLTC. How much funds are missing in total, remains to be seen.

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Moreover, it also appeared WeMineLTC halted their automatic withdrawals some time ago. This could hint at a lot of user funds being left in the pool, as all withdrawals had to be requested and processed manually It is possible WeMineLTC pulled off a major exit scam, which does not bode well for Litecoin at all. If a lot of coins are missing, they may get dumped across exchanges sooner or later.

Seeing mining pools disappear all of a sudden always cast a dark shadow over the cryptocurrency ecosystem. Especially when the pool had issues with withdrawals before miners should just move on and get their money out as soon as possible. Unfortunately, some people have kept their faith in WeMineLTC and they may now pay the ultimate financial price for doing so.

Luckily, there are still plenty of Litecoin mining pools around. The disappearance of WeMineLTC will not impact the network or overall hashrate all that much. The concern of coins potentially being dumped across exchanges will – most likely-  not be a big issue either. It appears the Litecoin value is holding its own around the US$29 mark for now.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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