Share this article
Litecoin Mining Pool Disappears, Stoking Fears of Fraud
A litecoin mining pool seemingly pulled the plug over the weekend, stoking accusations of theft and fraud.
By Stan Higgins
Updated Sep 11, 2021, 1:18 p.m. Published May 8, 2017, 4:15 p.m.
A litecoin mining pool seemingly pulled the plug over the weekend, stoking accusations of theft and fraud.
WeMineLTC, according to posts on social media yesterday, closed down their website and shuttered their Twitter account without explanation. Mining is an energy intensive process by which new transactions are added to a blockchain, with new coins minted as a reward.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Previous social media posts pointed to a growing host of problems at the mining pool. Last week, a WeMineLTC user took to Reddit and reported that the site had disabled manual payouts, stymying their attempts to withdraw. A post on BitcoinTalk indicates that at least some users began experiencing login issues in late March.
One of the older litecoin pools, WeMineLTC had attracted accusations of shady dealing in the past. Back in 2013, users alleged that the pool's operators were misappropriating funds through inflated or fictitious hash rates.
At this time, the scale losses by users of the mining pool isn’t clear.
One user 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.
Exit image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
ETH, ADA, XRP Lead Gains as Bitcoin Edges Higher on Fed Rate Cut Expectations
Asian equities opened the week slightly higher ahead of a heavy run of central bank decisions, including a Federal Reserve meeting where markets have largely priced in a 25-basis-point rate cut.
What to know:
- Bitcoin traded above $91,300 as Asian equities opened higher, with markets anticipating a Federal Reserve rate cut.
- Bitcoin rose 2% in 24 hours, facing resistance near $94,000, while Ether gained 3% to $3,135.
- Despite crypto market gains, sentiment remains cautious, with potential for a deeper slowdown without new liquidity.
Top Stories
