According to Coin Market Cap, Litecoin was traded 10 % lower on Monday, after the official statement of Litecoin Foundation. On the official website, Litecoin creator Charlie Lee mentioned that, “I am really sorry for promoting the LitePay start-up and completely relying on it. We promise to do better due diligence in near future.”
Mr. Lee also stated that, Kenneth Asare, CEO of LitePay has ceased all operations regarding the development of application and is processing to sell the company.According to the new reports, Kenneth Asare just sent an official email to Litecoin Foundation regarding the inconvenience, just few days ago. He was actually demanding some more funding to complete the development works. But as of now, LiteCoin has already invested and promoted LitePay a lot, and thus denied for more fundings. And probably, this is the reason, why the CEO of LitePay has taken such a serious move in the market.
Previously, Litecoin was already trading low by 28.5 % for the current month and 37.5 % for the year. Not only Litecoin, even Bitcoin also dropped 7% on Monday. Well, this statistic directly refer to high fluctuations of cryptocurrencies in the present market. But yet, there has been no official statement from the CEO of LitePay regarding the closure of company. In the Mid February, LitePay announced that, the Payment processing system for LiteCoin is going to live on Feb 26, but that never happened. On 5th march, the company sent email to its customers stating the problems and issues with cryptocurrencies.
Also Read: Is the Bitcoin Fad is fading now?
On the basis of marketing capitalization, LiteCoin is the fifth largest cryptocurrency firm at present. It is gradually gaining its popularity among the traders and is expected to resolve the drawbacks of cryptocurrencies soon. Upon this strange issue, LEE confirmed that, LiteCoin was doing better before LitePay and will also continue to serve better without it.