The Litecoin Foundation announced that LitePay has shut down all operations related to the project in preparation to sell the company.
In an announcement posted yesterday, which The Litecoin Foundation addressed to the entire Litecoin community, they stated that they regrettably had to announce the closure of LitePay.
They go on to say that prior to its closure the foundation had approached its owner, Kenneth Asare and informed him of their, and the communities concerns with his Reddit AMA.
Many users were concerned about the lack of transparency from LitePay, such as u/akshshr who didn’t get a particularly transparent (or even relevant) answer to his question.
u/Orbitzz1 asked a question that many users asked. Each one that got a reply got a very vague response, with no clarification of roles other than much of the team is compliance and legal.
Vague responses such as this caused the Litecoin Foundation to clarify these questions due to much speculation as to where Kenneth’s funding from the foundation was used. The Foundation was apparently met with Kenneth asking for additional funding which was refused unless he could provide a satisfactory picture of where previous funding was spent which Kenneth was unable to do.
Litecoin’s creator took to Twitter to apologize to the community.
While the entire market is in a downtrend it does not appear that the news has caused any hard to Litecoin.
Are you disappointed by the news of LitePay shutting down, and if it is purchased by someone else, would you use it? Comment below or via the social media buttons to continue the conversation!
Tiaan Wolmarans is a cryptocurrency investor and trader, airplane pilot, musician, and writer.
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