Prices for bitcoin and other cryptocurrencies down amid reports about LitePay shutdown

Posted 27 March, 2018

Prices for bitcoin and other cryptocurrencies have weakened on Tuesday given reports about shutdown of LitePay processor. 

On the Bitfinex, bitcoin is priced at $7,923 (some 7% down d-o-d), followed by Ethereum changing hands on this platform at $466.20. As for Ripple, its prices on the Poloinex dipped 11% to $0.57728; Litecoin decreased to $143.

According to the news reports, Litecoin Foundation stated today that LitePay payment processor is closed. As it was reported, the platform startup had been slated for end-February, though the commissioning was delayed – the company informed its clients that they kept "checking all perspective merchants" as of March 5.

Meanwhile, a few days ago LitePay CEO noted that "he has ceased all operations and preparing to sell the company", the reports read.

At the same time, Charlie Lee, Litecoin founder, wrote on Twitter that he was sorry about this situation.

"Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs...I am sorry for having hyped up this company and vow to do better due diligence in the future," he said.

"We are greatly disheartened that this saga has ended in this way and we apologize for not doing enough due diligence that could have uncovered some of these issues earlier. We are currently working hard to tighten our due diligence practices and ensure that this does not happen again," stated Litecoin Foundation on its official website.

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