The LitePay Scandal: Where is Litecoin (LTC) Now? – Crypto …

LitePayLitePay

LitePay was ostensible to move new light to Litecoin (LTC). LitePay was not only going to offer a new crypto wallet specific for LTC, but also the LitePay debit card, which users could have used to modify Litecoin into U.S. fiat currency. Instead, ineffectual business doing and less-than-communicative responses have led LitePay to remove the support from the Litecoin Foundation and for the whole operation to be close down.

The Litecoin Foundation released a post on Monday saying that the Foundation “was contacted by Kenneth Asare, CEO of LitePay, informing us that he has ceased all operations and is scheming to sell the company.”

So, LitePay is no more.

The Foundation claims that it contacted Asare formerly to demonstrate concerns about the association and try and get more information about the business:

“It was at this time that Kenneth asked the substructure for more supports to continue operations. The substructure refused any serve appropriation as he was incompetent to yield a acceptable design of where the income had been spent and refused to go into accurate sum about the association and uncover design justification to back up his statements.”

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The Litecoin Foundation has pronounced of the matter:

“We are severely sad that this tale has finished in this way and we apologize for not doing enough due industry that could have unclosed some of these issues earlier.  We are now operative hard to tie our due industry practices and safeguard that this does not occur again.”

Litecoin owner Charlie Lee also apologized to the Litecoin village on Twitter:

People have responded and taken their beating to Twitter, some going as distant as to call Lee out for his before practices:

(To which Lee responded that he sole his LTC before LitePay was announced.)

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Others, however, are stability to uncover their support for Lee and Litecoin:

How’s Litecoin doing on the news? Well, LTC is now down 3.52% in the past 24 hours, offered for $139.80. However, in the grand intrigue of things, this isn’t such a outrageous loss, generally given the fact that much of the crypto marketplace is now struggling.

The Litecoin Foundation emphasized that “Litecoin was doing ideally excellent before the guarantee of LitePay and will continue to do so.” 

What do you think? Will Litecoin redeem from the fail that was LitePay? Have your feelings altered towards Litecoin? Let us know in the comments below.

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Featured image: www_slon_pics / Crypto News index

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Article source: https://cryptocurrencynews.com/daily-news/crypto-news/litepay-scandal/