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.

AccessTimeIconMay 8, 2017 at 4:15 p.m. UTC
Updated Sep 11, 2021 at 1:18 p.m. UTC

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.

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


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.