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Litecoin [LTC] plunges by 10% after LitePay shuts down – Founder apologizes for getting too ‘excited’

Sthuthie Murthy



Litecoin [LTC] plunges by 10% after LitePay shuts down - Founder apologizes for getting too 'excited'
Source: Pixabay

Charlie Lee, the founder of Litecoin [LTC] tweeted earlier today:

“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.”

This tweet and apology correspond to the announcement made by Litecoin earlier. They explained; Kenneth Asare, CEO of LitePay contacted the Litecoin Foundation informing that ‘he ceased all operations and is preparing to sell the company’.

When Litecoin Foundation had approached him earlier to express concerns about a Reddit AMA, Asare had demanded more funds to continue operations. Since he failed to provide a satisfactory figure of the expenditures, details about the company or any evidence to back up his own statements, the foundation refused Asare’s request.

The company expressed deep regrets and grieved about an abrupt end to the saga and apologized sincerely. They also promised to work harder to tighten their practices,  explaining that the ecosystem is more than just a company and will continue to grow with the support of many others in the market.

The Foundation concluded quoting:

“This is a valuable lesson for us to have learned. Litecoin and our community are as strong as it had ever been and we look forward to many great things to come. Thank you for your continuous support!”

Litecoin has been crashing in its price from the last two days. After a dip of 10%, LTC is priced at $142.96 as seen at press time. It has retained the enormous market cap of $7.9 billion standing in the 5th position.

Users are swirling in comments addressing and questioning Charlie Lee on his Twitter account.

Sakumoto Chang said:

“Wow really disappointed; honestly expected better from the whole team. Well hoping Abra does something for us which looks like it can. I still believe in you Charlie and the whole team. Just disappointed… I can’t help but be honest with you. I have supported Litecoin since 2016 and still will/am. That has not changed.”

Charlie Lee himself replied to this:

“Yeah, we are all disappointed. Hang in there. Why do you expect others to work to help make you rich?”

Sashimi also commented addressing Charlie,

“What are you talking about? So, someone invests in facebook and apple stocks can they question why you are hoping we make you rich? We hope because we believe in your projects???? Sorry Charlie but you are getting a little incoherent here and overly defensive at times.”

Charlie said to this:

“Cryptocurrency is not stock. I’m not paid to work for you as an investor. You can try to understand this before buying coins. Just because it’s volatile does it means it’s a stock? So, Zimbabwe dollars are also stocks then?”

Steven Flaherty Tweeted:

“Personally, I just hope maybe this downtrend wakes everyone up to why we are here, this isn’t meant to make us all rich, it is here to get out from the thumb of worthless paper printing machines with rulers behind them controlling us all.”

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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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1 Comment

1 Comment

  1. E

    March 27, 2018 at 3:32 PM

    Im beginning to wonder why many articles about Lee and his fellow scammers are written so positively. All authors invested heavily in LTC?

    Most of LTC has been lazy at best – a scam at worst. It’s nothing more than a BTC fork, which has always been dormant with zero innovation. Even today the roadmap and features, scaling problems, etc.. are exactly the same as BTC

    I wouldn’t trust Charlie Lee with a word he is saying (like when he is trolling on other coins or some LTC innovation that never happens) and I certainly think people were naive to trust into Litepay. Scammers attract more scam;)

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