LitePay Folds; Litecoin Foundation Forced to Admit Mistake and Apologize
Litecoin suffered a dip of 10% in price as news broke that LitePay had ceased its operations today. This caused Litecoin founder Charlie Lee to tweet his apologies to the community, pledging to do better due diligence moving forward.
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. https://t.co/khIjeHnyZ1
— Charlie Lee [LTC] (@SatoshiLite) March 26, 2018
It would now appear that if LitePay wasn’t a scam, it was certainly an unprepared and ill-thought out addition to the LTC community, and Charlie Lee will need to ensure that his promise of better due diligence is met in the near future, to regain user trust in the platform as a whole. There will be hopes that currency itself is not affected for too long. Although, at the time of writing, the drop during the day had increased from 10% to 14%. There will certainly be some concerned investors out there right now.
Was LitePay a scam? Will Litecoin recover? Let us know your thoughts in the comments section.