Litecoin Foundation and Creator of Litecoin, Charlie Lee (Charlie Lee) apologized in the absence of “due diligence” in relation to startup LitePay, who recently informed the company representatives about the closure of the project.

Recall that in mid-February, the exchange rate Litecoin has jumped on the background of statements LitePay about the imminent launch of the service for goods cryptocurrency Litecoin with a debit card. However, the launch of the service did not take place — instead, on March 26, Litecoin Foundation has issued a statement saying that CEO LitePay Kenneth Cole (Kenneth Asare) has informed the company about the termination of operations and intent to sell the company.

It is worth noting that about two weeks ago, Azar left the community in disbelief, evasively answering the questions under the column Ask Me Anything (“Ask me anything”) on the portal Reddit. Then users accused the hazard of deliberately avoiding answers, and assumptions about possible fraud began to appear more often.

In their statement, the representatives of the Litecoin Foundation noted that the company had previously appealed to the Hazard with the claims about the lack of transparency of the activities of the company, and demanding explanations about his recent series of Ask Me Anything.

It is noteworthy that at the same time, Azar asked the leadership of the Litecoin Foundation to increase funding for the project, but he was denied further funding because he could not explain what funds were spent, provided his start-up earlier. In addition, it is reported that hazard has refused to provide the necessary data about work of the company did not submit any objective evidence to confirm their previous statements.

“We are very disappointed that this Saga ended this way, and we apologize for what has not shown due diligence that would allow to detect some of these problems before,” — said in a statement the company, whose members promise to do everything possible to ensure that doesn’t happen again.

The Creator of Litecoin Charlie Lee in his Twitter account also apologized, regretting that contributed to the hype around LitePay, when in February the company made a loud statement.

“Like everyone, we were too excited about the fact that it was too good to be true, and in this optimism we have overlooked many warning signs. I apologize for having taken part in the hype around this company, and I swear I’ll be more careful in the future,” wrote Lee.

However, as emphasized by the representatives of the Litecoin Foundation, Litecoin Affairs “in order” and without LitePay.

“Ecosystem — much more than one company,” — said the developers of the fifth-largest cryptocurrency market cap, adding that currently, there is no shortage of companies that are developing ready to use products and really perform their promises “to make cryptocurrency LiteCoin easier to use”.

Note, the founder LitePay has not yet given comment on the incident.

Meanwhile, experts point out that the cryptocurrency Litecoin is becoming more popular in the underground economy, and has the potential to shift bitcoin from their positions on the “dark side” of the Internet.