Charlie Lee, Litecoin Foundation Apologize After LitePay Vanishes

Litecoin creator Charlie Lee and the Litecoin Foundation have each apologized for failing to conduct due diligence on LTC-based payment processing startup LitePay, which has sparked allegations of conducting an exit scam due to its abrupt closure.

As CCN reported, the Litecoin price had surged in mid-February on news that LitePay — which purported to offer both merchant services and an LTC-funded debit card — would launch later in the month.

However, that launch never came, and in a statement dated March 26, the Litecoin Foundation revealed that LitePay CEO Kenneth Asare had informed them that he had ceased all operations and intended to sell the company, an announcement that came less than two weeks after Asare held a much-lampooned Reddit AMA in which he gave few specifics about the project and was accused of evading questions.

Reference: https://www.ccn.com/we-got-too-excited-charlie-lee-litecoin-foundation-apologize-after-litepay-vanishes/

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