Litecoin Foundation cuts losses on LitePay after owner ceases operation

The Litecoin Foundation, a non-profit organization registered in Singapore with a mission to advance blockchain technologies today addressed the LTC community to inform that a couple of days ago, the Litecoin Foundation was contacted by Kenneth Asare, CEO of LitePay, who informed them that he has ceased all operations and is preparing to sell the company.

Prior to that, the Foundation said they had approached Mr. Asare regarding his “less than transparent nature with the company and to express their, and the community’s concerns regarding his recent Reddit AMA” on March 16th which left users with more questions than answers.

It was at this time that Kenneth asked the Foundation for more funds to continue operations. In the memo posted today, The Litecoin Foundation said it refused any further funding as Asare was unable to provide a satisfactory picture of where the money had been spent and refused to go into exact details about the company and show objective evidence to back up his statements.

LitePay was a platform to be developed in order to accept LTC payments for retail, e-commerce, billing, and donations. The system was to provide settlement for Litecoin payments directly to user bank accounts in their own currency.

Now, after different postponements of features like the LitePay card, the project’s initial aim of bringing the LTC community a strong app for adoption has ended.

Keith Yong from the Litecoin Foundation said:

“We are greatly disheartened that this saga has ended in this way and we apologize for not doing enough due diligence that could have uncovered some of these issues earlier. We are currently working hard to tighten our due diligence practices and ensure that this does not happen again. Litecoin was doing perfectly fine before the promise of LitePay and will continue to do so. The ecosystem is far bigger than one company and is continually growing with support from many others with market-ready products joining the space and fulfilling their promises to make it easier for the world to use Litecoin. In the end, this is a valuable lesson for us to have learned. Litecoin and our community are as strong as it has ever been and we look forward to many great things to come. Thank you for your continuous support!”