Litecoin was on fire. It went up over 8x in one month. The whole crypto trader community is abuzz with the astonishing price movement in Litecoin. Other altcoins are benefiting as well. But why does Litecoin defy gravity and continue its ascent? As always with crypto trading: when in doubt, look to China.
Some inquisitive traders on Bitcointalk.org posted a video link to a promoter telling investors to buy Litecoin, send to their address, and receive “mining returns”. Here is the link to a forum on 8btc.com describing the scheme. The promoter promises an income stream, if investors will send 500 Litecoin to this address.
Over $76 million worth of Litecoin has been sent to the above mentioned address. $68 million worth of Litecoin has been spent from the address. I assume that a portion of the spent output goes to investors, and a portion the promoter is cashing out.
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