In connection with the unexpected closure of the project LitePay apologize cryptocurrency community has brought the Creator of Litecoin and the Litecoin Foundation Chairman Charlie Lee.
In mid-February it was announced the launch in March of this year the app LitePay, which opened the possibility of adopting litecoin for goods and services, as well as offering users a debit card with a balance in LTC. The cost of LTC on the background of this news greatly increased.
However, on March 26 the Director-General LitePay Kenneth Asare (Asare Kenneth) reported that all operations on the project ceased, and he was going to sell the company. Reddit users trying to get more specifics, accused Azara in evading questions.
According to the statement of the Litecoin Foundation, prior to the closure of all operations LitePay the Fund also tried to obtain from the Asar clarification on his Reddit AMA:
«It was at this time Asare appealed to the Fund on the allocation of additional funding to continue activities. His request was denied because he failed to account for the money already spent and refused to go into details…»
«We are extremely disappointed that it ended this way and apologize for something that was not wise and was not able to identify this problem before. Now we work hard to ensure that such situations do not recur».
Similar comments published in his Twitter and the Creator of Litecoin, Charlie Lee, where he also apologized for his part in all this hype around LitePay.
Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence in the future. https://t.co/khIjeHnyZ1
— Charlie Lee [LTC] (@SatoshiLite) 26 Mar 2018
«Like everyone else, we were under the influence of euphoria, that everything is going well. However, it was too good to be true. Excessive optimism prevented us in time to see the scale of the problem. I am very sorry that became part of an advertising campaign of this project and I promise in the future to be more cautious».
But as emphasized in the Fund, Litecoin will continue to develop without LitePay.
«Our ecosystem is not confined to one company. She will continue to grow with the support of many other products that will facilitate worldwide use Litecoin», — concluded in the Fund.