You might have been hearing about Litecoin Cash Fork and airdrop. But is it a scam ?
As you know Litecoin Cash is forking Litecoin and all the owners of Litecoin's private key will get Litecoin cash in a ratio of 1:10. Means if you have 1 Litecoin and you own the private key at the time when fork happens you can claim 10 Litecoin Cash. But Recently Charlie Lee tweeted about it claiming it to be a scam and making it clear that he and his team is no where related to it.
How can I be eligible to claim Litecoin Cash ? Will it magically appear in my wallet ?
No, If your Litecoins are sitting at any exchange that means you do not own your private key, Its the exchange who owns your private key. So will the exchange give you your share of Litecoin Cash, I am not sure mostly NO. In order to claim your Litecoin Cash you should have your Litecoins in some wallet where you have your private Key. Ex Litecoin desktop wallet, Exodus wallet or paper wallet.
How to claim your Litecoin Cash?
So after the fork is complete and Litecoin cash wallet is ready which is not at the moment. You can import your private key there and can claim your Litecoin Cash.
How to be Bulletproof ?
If it is a scam or not I am not sure, Many people will say I am going to claim my token anyway whether it's a scam or not coz free token does not hurt. But you should be very careful while doing so, so that you don't loose your Litecoins in order to claim Litecoin Cash. So here is what you need to do before you claim your Litecoin Cash and import your private key in their wallet, make sure that you move your Litecoins in a new wallet and never share the new wallet's private key with anyone. Ex - if your Litecoins are are in a paper wallet create a new paper wallet and move all your coin to the new wallet and keep it safe. Now when the old wallet is completely empty and there is no fund in there import the old wallets private key in Litecoin Cash wallet. Because no one can steal a dime from a wallet if the wallet is empty :P
This is not a financial advice whether, you want to claim Litecoin Cash or not it is up to you, make a smart decision. But always be very careful when it comes to your private key.
Cheers !!
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