Monday March 01, 2021
Bitcoin (BTC) $47,682.00   Ether (ETH) $1,517.25
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Litecoin

Litecoin Foundation cuts losses on LitePay after owner ceases operation

Published by CryptoNinjas.net
03/26/2018
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!”

5
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Litecoin (LTC) now available on MeconCash; with support at over 13,000 ATMs across Korea
Bitcoin and Cryptocurrency ATMs

Litecoin (LTC) now available on MeconCash; with support at over 13,000 ATMs across Korea

02/27/2020
The Second Annual Litecoin Foundation Takes To Las Vegas For Blockchain Week
Events

The Second Annual Litecoin Foundation Takes To Las Vegas For Blockchain Week

06/03/2019
Blockchain hotel booking platform Travala partners with Litecoin Foundation
Crypto Payments

Blockchain hotel booking platform Travala partners with Litecoin Foundation

05/09/2019
Litecoin Foundation to host first annual Litecoin Summit in September
Events

Litecoin Foundation to host first annual Litecoin Summit in September

08/23/2018
TenX adds LTC to wallet, partners with Litecoin Foundation
Crypto Payments

TenX adds LTC to wallet, partners with Litecoin Foundation

04/12/2018
Load More
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
Glow programming language brings smart contract simplicity to Cardano

Glow programming language brings smart contract simplicity to Cardano

02/26/2021
This was avoidable – The lost Bitcoin fortunes

This was avoidable – The lost Bitcoin fortunes

02/26/2021
ZelaaPayAE deploys Pundi X's merchant crypto payment solutions for UAE

ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

02/24/2021
Anchorage raises $80M Series C, led by GIC, Singapore's sovereign wealth fund

Anchorage raises $80M Series C, led by GIC, Singapore’s sovereign wealth fund

02/25/2021
Tendermint invests in Tgrade to bolster Cosmos' growing DeFi ecosystem

Tendermint invests in Tgrade to bolster Cosmos’ growing DeFi ecosystem

02/24/2021
Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

02/27/2021
SmartKey to integrate with GeoDB to build the blockchain-based data ecosystem

SmartKey to integrate with GeoDB to develop blockchain-based data ecosystem

02/26/2021
This was avoidable – The lost Bitcoin fortunes

This was avoidable – The lost Bitcoin fortunes

02/26/2021
Bitcoin exchange Xcoins receives In-Principle Approval for Malta's VFA license

Bitcoin exchange Xcoins receives In-Principle Approval for Malta’s VFA license

02/26/2021
Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

02/26/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version