The People’s Bank of China (PBoC) has issued a new warning alleging that cryptocurrency projects are misusing its name in an effort to defraud investors.
Issued on 15th June, the announcement sought to make public the issue, while clarifying that the central bank has not issued any digital currency or authorized any institution to do so. Adding to that, it reiterated that there is no digital currency marketing team at the PBoC, nor does the institution consider applications of the technology legal tender.
The PBoC went so far as to warn Chinese consumers that so-called “digital currencies issued by PBoC” could be a part of a pyramid scheme.
More at: Warning: Cryptocurrency Scams Are Posing as China’s Central Bank – CoinDesk
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.
More at: Litecoin Mining Pool Disappears, Stoking Fears of Fraud – CoinDesk