(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)
