LitePay was called-off.
The Litecoin Foundation contacted the CEO of LitePay, Kenneth Asare. He is informing us that he has stopped all operations and is now getting ready to put the corporation up for sale.
Initially, the foundation had approached Kenneth seeing his less than transparent nature with the organization. They did that to express their, and the communities concerns regarding his recent Reddit AMA. Kenneth asked the foundation to get more funds to keep his operations running. The foundation knew this action from the very beginning. However, they denied about any further financing since he was not able to provide a satisfactory picture of where the money had been spent. They also refused to go into accurate details about the company and show objective evidence to back up his statements.
Litecoin was doing perfectly fine until the assurance of LitePay and certainly will continue to do so. The ecosystem is much larger than one company and is continually growing with support from many others. This is regarding with market-ready products connecting the distance and fulfilling their promises to make it a lot easier for the entire world to utilize Litecoin.
To the full LTC community, we are greatly disheartened that this saga has ended this manner. We apologize for not doing enough research that could have discovered a number of these issues earlier. We are working hard to tighten our due diligence methods and ensure that this does not happen again.
At the latter part, the individuals may know that this is an invaluable lesson to hear. Litecoin and our community is equally as strong as it’s been. And we look forward to a lot of terrific things ahead.
Charlie Lee, founder of Litecoin, put out this statement on Twitter…
Litecoin price tumbled today as a result of the news. This is a temporary setback, but we hope to move forward and learn from our mistakes.
