A fork in the Litecoin blockchain this month created a new cryptocurrency called Litecoin Cash, trading under symbol LCC. Charlie Lee, a former Google employee and the creator of Litecoin, tweeted out a warning, however, denying any involvement and calling Litecoin forks “a scam.”
Lee believes Litecoin Cash creators are trying to capitalize on Litecoin’s name and replicate the success of Bitcoin Cash, the controversial cryptocurrency created from the hard fork that took place last year from the Bitcoin blockchain.
In an interview with CoinDesk, Lee said “It confuses people into thinking Litecoin is splitting. The Litecoin community has no interest in splitting. It’s just some people trying to make a quick buck. And calling it Litecoin gives them some legitimacy.”
The fork occurred earlier this year, and according to the official Litecoin Cash website, Litecoin Cash has a “target block time of 2.5 minutes which gives 4 times the transaction bandwidth of Bitcoin, while transactions are 90% cheaper than Litecoin.” All holders of Litecoin at the time of the fork were entitled to 10 LCC, news of which caused the price of Litecoin to jump after buyers rushed in to take advantage of the offer.
Confusion then reigned among Coinbase customers holding Litecoin, who tweeted at the company wondering how they would receive their free Litecoin Cash, while members of the crypto community warned others not to give out their private keys for fear of hacking.
Since the fork, Litecoin Cash has fluctuated drastically, opening at $1.40, climbing all the way to $9.25 before dropping to $2.38, where it is currently trading as of this writing. The trading volume has been very low, as it is only trading on the YoBit and TradeSatoshi exchanges, according to CoinCodex.