(Source from Litecoin Foundation)
The Litecoin Foundation, a non-profit proponent of Litecoin headed by Charlie Lee himself, announced that they will no longer support LitePay.
From the announcement, it was fairly obvious that Kenneth Asare could not deliver his promise after a delayed lauch of LitePay in February. The aforementioned AMA can be found on Reddit if anyone is interested in reading through the full thread.
This incident reminds us once again that the crypto space is the Wild West and we should be diligent to keep our eyes out for potential swindlers and phonies who will come across our way. No one will keep us safe, except for ourselves.
How will this affect Litecoin? Probably not much since this was nothing like Bitconnect. It does, however, teach a lesson about choosing, and verifying, legitimate partnerships. The members of Litecoin Foundation should be more cautious in the future.
Kenneth Asare will likely be a blacklisted name in crypto space from now on.
Updated @1047 MST:
Litecoin creator, Charlie Lee, also publicly apologized via Twitter to the community for trusting LitePay carelessly.
(Source)
I have conversed with some members of the community and here are some findings through some of the public Discord channels.
(TheNvsibleHand said: "@Leonis I think its great-- I didnt like that CEO or agree with the BS he was spouting on TV< secondly only thing that was good about them is they were " offering" a bridge with credit card , but then were not transparent about that.. What is often overlooked, is there is like 5 other Merchant processors who also came onboard last month who do more then litepay")
As you can see, there are mixed feelings.
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