Litecoin miners lose millions of Dollars to WeMineLTC

WeMineLTC a Litecoin mining platform that allows many miners to use its platform to mine Litecoin has just closed down its website thereby putting thousands of its customers into confusion.

There are already accusations of fraud and theft as WeMineLTC has shut down its Twitter account.

WeMineLTC has not issued any statement on why it shut down every trace of its activities.

According to Coindesk, one user or WeMineLTC claimed that at least several miners had lost more than 1,000 LTC apiece – at press time, the price of the digital currency is roughly $29.

“We’re 10s of thousands of litecoins at play,” the user said.

There are already insinuations that WeMineLTC has scammed thousands of its users who will not be able to have access to their coins should it turn out to be true. Prior to its exit, members of the pool are said to have been complaining about their inability to login or initiate a payout from the system.

Litecoin is an alternative digital currency just like Bitcoin. It is not clear if the development will affect the price of Litecoin on the market.

Mining is a process when people allow their systems to be used for processing digital currency transactions on a public ledger called blockchain. However, mining has been used as an opportunity to scam people who lose their coins either those paid to start mining and or all coins earned in actual mining.