Topic: LiteTree (Read 2724 times)

They have LTC they will not withdraw of mine.  There are no issues with LTC.  I'm contacting the federal authorities it's a scam.

Just to confirm that this is not an unusual event I used Litetree for a couple of months, trading and in time amassing $575 and 0.3BTC.  During this time they happily serviced my account and responded promptly to my enquiries.  When it came time to withdraw my funds I spent a week waiting for emails that never came specifying what a non-US citizen should do for account verification.  In the end I negotiated this process only to receive the following email:

Dear Sir or Madam:
 
Due to the fact that banks have frozen some of our customers funds we are unable to payout everyone in full.

Rest assured Litetree will continue to offer a trading platform to our customers and we are even working on adding more coins to the site.

At this time there are 2 options:

1. Wait till the business support for withdrawals is fully restored, we expect this to take several weeks.

2. Take an immediate partial settlement in Litecoins. Currently we are paying 80% of your coin balance and one Litecoin for every $25 of your USD balance.
 
Please reply to [email protected] if you select the immediate payout option so we can send you the legal settlement document.
 

So 80% of my original deposit in LTC values at almost double market price.  I will be lucky to get half my original deposit.  Not a word of this on thier site anywhere and in fact onb Twitter and other media they boast of their expansion.  It seems they would rather being in new money (to be repaid at Settlement rates) rather than provide the services they advertise for their existing customer.

You can decide for yourselves of course but my advise is that if you want a service that works, do NOT use Litetree.  Spread the word, I don't know if Litetree is a scam or not but what seems extremely likely is that if you deposit their your funds will not be returned in their original amount (less fees) or possibly at all.

I am currently being scammed. I placed an order  for $1,800 in LTC, after attaining an LTC balance on there exchange they notified me when I tried to withdrawal the LTC  that there bank is frozen and I must take a 80% payout at $25 per LTC. Basically taking over 50%. I feel as if I have been robbed. I am considering going to the authorities on this one. I will give them one last chance to make things right.

be carefull at new services and only use little money. dont install something. dont store large amount there.

They are indeed scam. No response for 10+ days. I emailed them from another account asking a trivial question about euro deposits, they answered me on the same day, when i asked them about my money, no response afterwards. Too bad they are based Georgia which is not EU member so i can't really do anything about it. Stole 976$ + 65$ withdrawal fee

i've heard this talked about a bit in the btc-e trollbox. well, mentioned, anyway. any more info?

probably is the easiest way to do it try to only stick with trusted users and use escrow im sure john k can adapt to do litecoin escrow and there are a few that will do it

Buy Bitcoin from this forum, then use btc-e.com to convert it to Litecoin..

Litetree seems like scam. I have made a withdrawal on September 29, on October 8th they said they withdrawal has been processed. The money never appeared in my account, and third day i get no response from them

don't trust online services unless they don't have access to your priv keys (blockchain.info for example)

always keep backups too

They most likely will,  Coinbase recently hired Charlie Lee  (Coblee) the creator of Litecoin.  He has commented that they will consider doing so, but not yet, due to the fact the cryptocurrecny is too new to the world still.  They are still getting people to understand Bitcoin, adding another coin would only confuse and frighten them, hurting the crytpo movement in general.   yes all  BTC exchanges allow for BTC transfer between them.  Same goes for LTC exchanges.  Coinbase does allow for trading of BTC in and out as well, though it is not an exchange, per se

Thanks for the feedback. I'm hoping that Coinbase integrate Litecoin purchases into their online wallet, but I don't know if they will or how soon, I'm willing to wait but the price of LTCs are low right now and I think it's wise to invest now. Is there anyway to purchase LTCs through BTC-e and transfer them to an online wallet and do you think Coinbase would let you transfer LTCs from BTC-e if LTCs are integrated? Can you transfer BTC to Coinbase from another online wallet or exchange now?

Litetree appears to be a new service.  I have not heard of it either, but seems like the owners are posting some threads today here with new accounts.  There are posts throughout the forum today talking about it.

I've never heard of Litetree before but it doesn't seem to be what you're looking for.
"LiteTree is a crypto currency exchange site. We take cash deposits on one side and litecoin deposits on the other side of the trade. Then we allow our customers to exchange their cash for litecoin or vice versa. LiteTree is a safe and secure platform for buyers and sellers to meet and exchange their litecoins. You will need to have downloaded a wallet separately before using our service. "

Also, their volume is ridiculously low, 52 LTC transacted in 24 hrs is not feasible for any sort of real purchasing.

I'd do a lot more research into this company before sending them a bank wire, or Dwolla, as it looks like they use it.

All my LTC purchases have been with BTC on BTC-e, after purchasing BTC on MtGox   (this was when MtGox was much more functional of course)

I'm looking to buy LTCs using a digital wallet similar to Coinbase, where I can purchase them using a US bank account. The only digital wallet I found was LiteTree. Is there anyone who has used this digital wallet to purchase LTCs?