THELOGICALINDIAN - Failure of a activity is a accustomed and accepted affair back advance in startup ventures abnormally back it comes to acid bend technologies such as cryptocurrency applications Doing due activity wont anticipate bootless investments fabricated in acceptable acceptance but it can accomplish abiding to edger out projects that will accession accessible red flags if vetted thoroughly In the case of Litepay this has clearly not been done and a lot of the association is now angry
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Oops
The Litecoin Foundation has issued an advertisement to the LTC association on Monday, allegorical them that Litepay has accomplished all operations and that the CEO claims to be advancing to advertise the company. This happened afterwards the foundation questioned him about a abridgement of accuracy and in acknowledgment he asked for added funds to abide operations. The foundation banned any added allotment as the CEO was “unable to accommodate a satisfactory account of area the money had been spent and banned to go into exact capacity about the aggregation and appearance cold affirmation to aback up his statements.”
The alignment took albatross for the incident, stating: “We are abundantly abashed that this adventure has concluded in this way and we apologize for not accomplishing abundant due activity that could accept baldheaded some of these issues earlier. We are currently alive adamantine to bind our due activity practices and ensure that this does not appear again.”
Litecoin architect Charlie Lee additionally twitted out a claimed mea culpa on his part, saying: “Like anybody else, we got too aflame about article that was too acceptable to be accurate and we optimistically disregarded abounding of the admonishing signs. I am apologetic for accepting absorbed up this aggregation and vow to do bigger due activity in the future.” Despite this honest message, a ample allotment of the LTC association is allegedly not quick to absolve him, with top ranked amusing media posts analytic Charlie’s administration and cachet in the deathwatch of this debacle.
Crowd-Sourced Due Diligence
Litepay was declared to be a LTC merchant acquittal processor and debit agenda that will abundantly enhance the affluence of spending for the cryptocurrency’s holders. What triggered the foundation to catechism the activity was a adverse Reddit AMA (ask me anything) by the CEO Kenneth Asare.
Asare got broiled during the AMA session, as he approved to balk questions and wasn’t able to accommodate acceptable answers to abounding concerns. He was accused of aggravating to run a one man appearance for a activity that would crave a accomplished aggregation to complete. The project’s website additionally didn’t canyon a simple analysis as abounding capacity were missing, adopting allegations of actuality a scam. By accomplishing this, the association was absolutely crowd-sourcing allotment the due activity action of Litepay that bare to be done by the foundation beforehand.
How should cryptocurrency communities, organizations and investors accomplish abiding they vetted a activity enough? Share your thoughts in the comments area below!
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