We want to alert you to a troubling cryptocurrency scam involving the website ltec1.cc.
A victim reported being drawn into this scheme through a Telegram group, where participants pretended to be involved in Bitcoin trading.
The scam initially appeared legitimate, as the victim completed two small trades and received payouts.
However, the situation quickly escalated when the victim was asked to invest increasingly larger sums, ultimately leading to blackmail when they attempted to withdraw their funds.
The scammers behind ltec1.cc used manipulation and false promises to trap the victim in a cycle of demands for more money.
Case Study
We recently received a complaint about a scam involving a cryptocurrency trading group operating via Telegram.
This scam unfolded over a series of interactions that began with seemingly legitimate small-scale transactions but escalated into blackmail and demands for large sums of money.
The victim was first added to a Telegram group where members pretended to take positions in Bitcoin trades.
Initially, everything seemed above board.
The scammer, operating under the guise of “helping traders,” provided instructions on how to complete two small trades, promising the victim returns on their investments.
In these early transactions, the victim received the expected payouts, creating a false sense of security and trust in the scheme.
However, the situation changed drastically during the third mission.
The starting investment was set at $200, and as the trades progressed, the victim was instructed to increase the stakes, with the total amount growing significantly.
At this point, the scam’s true nature became apparent.
The scammers asked for a massive deposit of 15,324 USDC, which triggered the victim’s suspicions.
Faced with these increasingly unreasonable demands, the victim decided to pull out and requested the return of their deposited funds—amounting to 14,782 USDC.
Instead of processing the refund, the scammers responded with blackmail.
They informed the victim that their funds were “frozen” until they completed the final mission, which required additional payments.
The victim was left with a stark choice: either send more money or forfeit everything they had invested.
This kind of manipulation is a classic hallmark of a fraudulent scheme. It leverages fear and the sunk cost of prior investments to push victims into deeper losses.
Is ltec1.cc a SCAM?
The platform used by the scammers was hosted on a site called ltec1.cc. It is important to note that this website played a crucial role in facilitating the scam.
The transactions and instructions were all managed through this platform, and the scammers maintained their façade of legitimacy until the moment of blackmail.
From our experience and the details of this case, it is clear that this was a scam designed to extract increasingly large amounts of money from its victims using psychological manipulation, false promises, and the threat of financial loss.
The fact that the victim was coerced into paying progressively higher amounts, only to be met with blackmail, leaves little doubt that this operation was a scam.
Complaints We Received
In a recent complaint we received, an individual fell victim to a cryptocurrency scam orchestrated through the website ltec1.cc.
The scam began when the victim, after being encouraged by a group on Telegram, decided to invest $2,500 with promises of quick returns through Bitcoin trading.
This group convinced the victim they were legitimate by making small payouts during earlier, low-risk transactions. However, once a considerable sum was invested, the victim could no longer withdraw their funds.
The platform ltec1.cc facilitated this fraud, allowing the scammers to string along their victims with false promises of high returns.
Unfortunately, once the victim requested to withdraw their money, the website either refused or delayed the process indefinitely, leading to financial loss.
This case is particularly concerning because of the sophisticated methods used by the scammers to build trust initially and then exploit that trust later with higher stakes.
The victim used cryptocurrency as their payment method, and the scam began in 2023, reflecting a trend of increasing scams involving digital currencies.
The victim’s funds, amounting to a significant loss, were transferred as Ether/ERC20 tokens.
The scammers provided a receiving address, 0x0dc2521874aaeea77c61a3a3c875e41651a882a8, where the funds were sent.
Despite repeated attempts to retrieve the money, the victim could not withdraw any deposited cryptocurrency.
The transaction was documented with a transaction hash (5ac2d09bdb093266b35a4ea6fe5306cd2af1ef5a2b2e54409a7de68b03f0738a).
The Bottom Line Regarding LTEC1
We urge anyone encountering similar situations to be highly cautious and avoid engaging with platforms or groups that make such demands.
Always verify the legitimacy of trading platforms and remain wary of sudden shifts in behavior from apparent business partners.
If you are a victim of online scams, please let us know by commenting below. Do not lose hope if you have lost a significant amount of money. We can help trace your funds!
When you comment, your name, comment, and the timestamp will be public. We also store this data, which may be used for research or content creation in accordance with our Privacy Policy. By commenting, you consent to these terms.
