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LTCMiner.io or LTCMiner.us is a good example of an elementary ponzi scheme which has unfortunately found its way into the Cryptocurrency mining niche. LTC Miner operates as a Litecoin mining operation, and is aimed at those who have some Litecoin to spare. It initially looks like a safe, profitable and secure place to mine Litecoin. The convincing site interface depicts a very clean and transparent website which could even deceive the most experience investor in the Crypto mining industry.
LTC Miner is promoting plans that are very attractive in terms of promised returns. This is meant to lure all kinds of investors with a heavy appetite for huge returns to get in without a second thought. LTC Miner still appears to be a genuine and reliable cryptocurrency mining operation. But you need to watch out as we will reveal in this review that LTC Miner is not to be trusted. If you want to mine this coin or any other altcoin of your choice, the best place to start your mining is in this list of Cryptocurrency mining platforms.
If we are still together, it means that you are ready to read this insightful review. It exposes what the real LTC Miner is and why you should never ever make an attempt to mine any Litecoin via this website.
What exactly does this website say it is doing? It claims to mine Litecoin for investors who make a deposit on their website. The amount of coins that you are willing to deposit will dictate which package you will receive as a result. As you can see, LTC Miner is just an illicit mining operation. They claim to have erected a number of mining facilities around the world yet no transparent information has been provided as proof that these facilities do exist and are owned by LTCMiner.
When you want to throw away your money via this platform, they will take your money and enroll you in one of their 4 investment plans (depending on how much you have). Once you are enrolled, you are supposed to receive the stated daily returns for life. But we also have to doubt this promise because there is concrete evidence that LTC Miner is operating an unsustainable business model which can be termed as a ponzi scheme.
The claims that you will mine with them for a lifetime are just empty lies. There are no guarantees. The site is here today yet we don’t know if they will be offline tomorrow or the next day after.
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The 4 plans require a minimum deposit of 1LTC, 5LTC, 15LTC and 40 LTC respectively. Affiliate bonuses are 30%, 40%, 50% and 60% respectively. As you can see, their affiliate membership is the point of emphasis here as opposed to mining of LTC.
When you come across a website like this one, the first thing you should do is run a basic scam check test. This test is mainly made up of questions and common sense. Let’s start addressing those questions one by one to see if LTC Miner will pass the test. If it doesn’t, be cautious because we are probably dealing with a scam.
Are the daily returns nonsensical and unbelievable? Yes they are. What LTC Miner is promising is not within the norm. When we look at those figures, we can clearly see that the numbers are not sustainable. This also suggests, without a doubt, that LTC Miner is operating a ponzi scheme. The way it works is that it is 100% fully relying on deposits from new victims in order to honor the withdrawal requests placed by a few lucky users who probably joined earlier than the victim. But this is not always the case as some ponzi schemes are outright scams which will never honor any withdrawal request whatsoever. We do not know where to classify LTC Miner though. But it is definitely in one of the two categories.
LTC miner has links with Start Miner and BitMiner. Both platforms have been exposed before as malicious scams. The entity that owns LTC Miner is allegedly called BitMiner Cloud Eu Ltd. The details of this entity can be seen on the Companies House platform. The current status of this company is indicating “Active proposal to strike off”. What that means is that unless this company can pay off its dues, it will be struck off the business registry.
That’s a bad thing and definitely a message to those who had initially put their faith on this website. It is a red flag that tells you very clearly that you will not be paid any returns.
The domain was created back in July 2017. It is a semi new LTC ponzi scam. The most unfortunate thing, however, is that it was privately registered. The owner of this domain was not willing to let people see his name, location and such like things. But why would they be so shy or too cautious not to reveal these details? The answer is very clear: they intend to scam more people and they don’t want to be identified as scammers. Or they probably have association with previous scams in which their names were identified. In this case, it is safe to hide their identities.
This website is also claiming that it is located at 20-22 Wenlock Road, London, England, N1 7GU. This is hard to believe because there is a big chance that the company isn’t located here. Also, due to the shady nature of their associates and company background in general, we can’t trust anything that they say about their operation. We would be gullible to do so.
LTC Miner is just a variation of previous ponzi scams associated with it namely Bit Miner and Start Miner. This website is definitely not conducting trustworthy mining operation. It is not a safe place to invest money in because the facts we highlighted above means the admin is a scammer. Invest with these cloud mining operations instead.
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